Hysan, Chinachem Jialulianshan Road commercial project received 13 billion green loan, the largest ever in Hong Kong

Last year, Hysan Industrial (0014) partnered with Chinachem to bid for the commercial project of Caroline Hill Road in Causeway Bay for 19.78 billion yuan.

At that time, the company had pointed out that the land price and construction cost of the project, with a total investment of 26 billion yuan.

Today (25th) the joint venture company jointly held by Hysan and Chinachem reached a green loan agreement with a number of banks for the Land King project, and obtained a loan with a total value of nearly 13 billion yuan and a period of 5 years. The financing is The largest green loan in Hong Kong's history.

Hysan pointed out in the announcement that Pauway, which holds 60% of its shares, is the borrower, and the authorized lead arrangers (including Hang Seng and HSBC) jointly authorized by the lead arranger, and the lenders (including HSBC, Hang Seng, ICBC (Asia) ), DBS (Hong Kong), CCB Hong Kong Branch and BOC Hong Kong (2388)) entered into the financing agreement.

The total financing amounted to 12.951 billion yuan, and the interest rate was the Hong Kong Interbank Offered Rate, plus 0.75%.

Among the aforementioned loans, RMB 7.911 billion is for term loans to refinance up to 40% of the total land price paid, and the remaining RMB 5.04 billion is for financing or refinancing up to 80% of project construction costs and related construction costs.

Hang Seng and HSBC provided loans of $1.851 billion and $2.6 billion respectively.

A 30-storey commercial building is planned to be built

Hysan pointed out that a 30-storey commercial building is proposed to be built at the Caroline Hill Road commercial site, with another 4-storey basement, and the retail part is expected to be located on the first, first and second floors of the basement.

The total floor area of ​​the entire project is about 1.07 million square feet, including about 40,000 square feet of government land reserved, and about 100,000 square feet of shopping mall and retail space. The main tenant is "LIFE STYLE", or special restaurants and children's playgrounds may be introduced. , pet area and other industries.

Lv Ganwei, chief operating officer of Hysan Industrial, said in an earlier interview that the total investment in the Caroline Mountain Road project is expected to reach about 25 billion to 26 billion yuan.

Regarding the underestimation of the commercial building market in the past year, this time Hysan's bid was 15% higher than the market valuation. Lv Ganwei pointed out in the interview at that time that the bid was "counting his own numbers", and he had taken into account his own favorable factors and advantages. At the same time, the future market conditions have been predicted, so the bid is described as "Decent", and the return of the new project is expected to be similar to that of the properties currently held in the same area. It is expected to be completed in 2026 to 2027.

Hysan spent 3.5 billion yuan to purchase office and retail properties in Shanghai from Cheung Kong and others. Lv Ganwei, chief operating officer of Hysan Industrial Committee, became executive director. Less and less expected shop rent will stabilize or rebound in the second half of the year Hysan Industrial is expected to turn losses into profits in the mid-term, making a profit of no less than 500 million yuan. Shenli Yunlian: Caroline Hill Road Improvement Vision Inheriting Grandfather Leigh Hysan, Building Community Spirit, Winning Caroline Hill Road Land at a High Price Hill Road commercial land king 18,000 per square foot high valuation 15%