To further lower financial costs and broaden financing channels for the Group’s sustainable development
HONG KONG SAR - Media OutReach - 31 December 2020 - CIFI Holdings (Group) Co. Ltd. ("CIFI" or the "Group", HKEx stock code: 884), a leading real estate developer and investor in first-, second- and robust third-tier cities in China, is pleased to announce that CIFI signed syndicated loan facility agreements with several banks and financial institutions in Hong Kong.
The signed loan facilities are syndicated bank loans with an aggregate amount of US$362 million, comprising: (i) US$145 million 3.5-year certain term loan; and (ii) HKD$1,688 million (equivalent to approximately US$217 million) 3.5-year certain term loan. Proceeds of the loans will be used for re-financing of the Group's existing debts and/or general working capital. The syndicated loans were first led by China CITIC Bank International and Bank of Communications Hong Kong Branch. Participating banks also include CMB Wing Lung Bank, Tai Fung Bank, The Bank of East Asia and Chong Hing Bank.
Mr. Lin Zhong, Chairman of CIFI, said "The loans are well supported by a number of banks and financial institutions, which reflects their recognition of credit quality of CIFI. The loans will allow CIFI to further lower the overall financing costs, strengthen the debt structure and broaden financing channels, which are highly conducive to the Group's sustainable management and business development in future."
About CIFI (Group):
Headquartered in Shanghai, CIFI is one of China's top real estate developers. CIFI principally focuses on developing high-quality properties in first-, second- and select third-tier cities in China. CIFI develops various types of properties, including residential buildings, offices and commercial complexes.
To learn more about the Company, please visit CIFI's website at: http://www.cifi.com.cn