China Construction Bank has been mandated as a bookrunner to arrange a HK$1.5 billion project financing for Diamond String, a subsidiary jointly owned by Lai Sun Development and CCB Properties.
Secured by a charge over all assets of the borrower and guaranteed by Lai Sun Development, the deal will be repayable after 37 months from the loan agreement signing date, or six months after completion of the project, whichever is earlier.
Proceeds are to facilitate the re-development of a Connaught Road Central site, formerly home to The Ritz-Carlton Hong Kong, into a grade-A office tower.
Signing is expected to take place by the end of November.
A Rs30 billion 12-year...