Builds up Solid Financial Reserves for Enhancing Property Portfolio
HONG KONG — Emperor International Holdings Limited (“Emperor International”) (Stock code: 163) today announced the signing of a club loan facility agreement amounting to HK$2,500 million (the “Club Loan”) with nine major banks. The proceeds of the Club Loan will be used for general working capital purposes.
The nine major banks are The Hongkong & Shanghai Banking Corporation (“HSBC”), Hang Seng Bank Limited, Bank of China (Hong Kong) Limited, Industrial & Commercial Bank of China (Asia) Limited, China Construction Bank (Asia) Corporation Limited, Bank of Communications Limited, Chong Hing Bank Limited, The Bank of East Asia, Limited, and OCBC Wing Hang Bank Limited.
Mr. Benson Chu, Chief Financial Officer of Emperor Group, said, “We are honored to receive overwhelming responses from 9 major banks, which represents their truly confidence in our business development and financial capability. The Club Loan will effectively manage to reduce its overall interest costs, enhance its cashflow management flexibility to support its business growth and development.”
Mr. Donald Cheung, Executive Director of Emperor International, said, “Such transaction marks a significant milestone of Emperor International. With diversified financial resources, we will continue to source quality investment and development projects with good potential, aiming to provide the best return to various stakeholders including our shareholders, bondholders and financial partners.”
In October 2017, HSBC Asia Credit Research Team published a research report on un-rated major property bond issuers in Hong Kong and in which initiated coverage of Emperor International with an overweight fundamental recommendation based on its quality property investment portfolio and growth in recurrent rental income, reflecting its quality of financial credibility gained professional recognition.