CK Property slims jumbo loan amount to HK$40b

Elsewhere, embattled commodities trader Noble Group bags its first commitment from ING.

Li Ka-shing-controlled Cheung Kong Property has scaled back its jumbo loan from HK$55 billion $7.1billion to HK$40 billion $5.2 billion, according to two sources familiar with the matter.

Speculation is that Bank of America Merrill Lynch and HSBC have been assigned the outstanding amount in deference to their role as co-underwriters of an earlier bridge loan, according to one of the sources.

Cheung Kong Property is taking the HK$40 billion loan to repay the bridge loan it used to buy up CK Hutchison Holdings’s development and rental property and hotels. Following the acquisition of those properties CK Property will hold all the property...

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