Investment property and hotels group Great Eagle Holdings is raising HK$4 billion to HK$5 billion roughly $513.2 million to $642 million via a syndicated loan to help finance a HK$8.5 billion redevelopment in Mongkok. The company says the terms of the loan, which is reportedly being handled by Hong Kong's five biggest banks, have not yet been finalized.
The 1.76 million square foot redevelopment is scheduled for completion in late 2003 and will comprise an office tower, a retailentertainment centre and a hotel.
At end-1999, Great Eagle had total borrowings of HK$9.5 billion and its gearing was around 50%.
Property developer Kerry Properties recently agreed a...