[For Immediate Release]
(5 September 2013, Hong Kong) Greentown China Holdings Limited ("Greentown" or the "Company", and together with its subsidiaries, the "Group" (stock code:3900.HK)), one of the leading property developers in China; announced that it signed a US$300 million 3-year club facility agreement with 7 leading local and global banks: China CITIC Bank International Limited, The Hongkong and Shanghai Banking Corporation Limited, Industrial and Commercial Bank of China (Asia) Limited, Standard Chartered Bank (Hong Kong) Limited, Hang Seng Bank Limited, Deutsche Bank AG, Singapore Branch and Goldman Sachs (Asia) L.L.C.
The load facility is the first club loan obtained solely by Greentown. It has a maturity of 3 years with an interest rate of 3.85% per annum over LIBOR. The loan proceeds will be mainly used for general working capital of the Company.
Mr. Shou Bainian, Executive Vice-Chairman & Chief Executive Officer of Greentown said, "We are very pleased to have completed such financing which represents a strong vote of confidence and endorsement in Greentown's future prospects by prestigious local and international banks. This will not only help us enhance our financial position further, but also optimize our debt structure by extending the term period of our debt portfolio. In addition, this financing will help supporting our expansion in the PRC property market with quality products and services. It puts the Company in a better position to grasp opportunities arising from possible market consolidation. We are committed to provide high-quality life to people, and with the supports from our shareholders, partners and employees, we are even more confident than ever that we will be able to achieve our goals."
Mr. Simon Fung, Chief Financial Officer of Greentown added, "Following the establishment of our strategic partnership with Wharf Group and our joint-venture with SUNAC China last year, Greentown has put huge efforts into improving debt structure and lowering gearing ratio, which resulted in the Company's improved credit rating from two leading rating agencies. Moody's increased our credit rating to B1 whereas Standard & Poor's raised it to BB-. The transaction was consistent with our financial policy to strengthen our financial standards and maintain a reasonable gearing ratio. By taking this emerged market opportunity to secure the syndicated loan with favorable terms, we believe the transaction will further lower our average costs of capital and improve our financial position for future growth."
About Greentown China Holdings Limited
Greentown is one of the leading property developers in China. It plays a leading role in the industry leveraging on its quality properties. Greentown is a quality national residential property developer and its operations extend to 40 cities including important cities in Yangtze River Delta regions, Bohai Rim Economic Belt, Beijing, and other provincial cities. The record sales performance has ranked Greentown one of the best Chinese property developers in recent years. From 2005 to 2012, the "Greentown" brand was ranked for nine consecutive years among the "Top 10 Most Valuable Property Brands in China" by authoritative organizations.
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