BASIS POINT-Sino Land seeks $307 mln loan
HONG KONG, July 14 (Reuters Basis Point) - Sino Land Co Ltd (0083.HK) is sounding relationship banks on a 2.1 billion yuan ($307 million) 3-1/2-year term loan to back the purchase of a plot of land in Chongqing, sources familiar with the matter said.
Sino Land, together with Chinese Estates (Holdings) Ltd (0127.HK) and CC Land Holdings Ltd (1224.HK), bought the site for 4.18 billion yuan ($612.7 million) at an auction in July last year.
The three will provide a guarantee to the facility as per their share in the site: Sino Land (50 percent), Chinese Estates (25 percent) and CC Land (25 percent).
Price talk is at an all-in of 200-250 basis points.
Banks, asked to commit at least 100 million yuan, were expected to indicate their interest by July 4.
The borrower was last August reported to be seeking funds for the Chongqing site, but it delayed raising funds because of the liquidity crunch.
Besides the Chongqing site, Sino Land was also previously expected to seek funds for the purchase of a plot of land in Chengdu.
In April, Sino Land with K. Wah International Holdings Ltd (0173.HK) and Nan Fung Development Ltd sealed a HK$4.655 billion ($596.8 million) four-year financing for a site in Hong Kong's Aberdeen district. That facility paid a top-level all-in of 83 bps via a margin of 55 bps over Hibor. (US$=6.8260 yuan=HK$7.8) (Reporting by Jacqueline Poh; editing by Anne Marie Roantree)
