CK Property's $7.1b loan flies

Demand outstrips supply for Li Ka-shing-backed Cheung Kong Property's jumbo loan as banks shrug off nagging Chinese real estate worries.

Li Ka-shing-controlled Cheung Kong Property's three-year HK$55 billion $7.1 billion jumbo loan facility has attracted keen interest from banks, easily overcoming the market's nagging Chinese real estate concerns.

Expressions of interest for the bullet loan were due on Wednesday, and according to one source familiar with the matter, about 18 banks have expressed an interest, all targeting the larger ticket, which requires commitments of HK$5 billion or more.

This would put total demand for the facility at $11.6 billion at the minimum.

There is strong support at the top level that surprised on the upside, the source said. I think lenders are...

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