Property developer CapitaLand has entered into new strategic co-operation agreements with China’s leading banks in an effort to grant a credit limit allocation of up to RMB50 billion (about S$10 billion) to the group’s China businesses.
The allocations would enable CapitaLand, along with the Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) to enter into definitive agreements that will draw on the credit limit, if required, subject to terms and conditions to be mutually agreed upon.
“We are very pleased with the strong support that we are getting from the four Chinese banks. The strategic co-operation agreements with a credit allocation of up to RMB50 billion will provide funding for the Group’s growth plans in the residential, commercial, retail, serviced residence, integrated developments and financial services sectors across China,” said Liew Mun Leong, President and CEO of CapitaLand.
CapitaLand has grown to become one of the top property firms in China, with a diversified portfolio including homes, shopping malls, offices, serviced residences and mixed developments. In fact, 38 percent of its total assets (besides treasury cash) amounting to S$13.0 billion are in China as of 30 September.
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