January 31, 2018 / 6:00 AM / in a year

Hong Kong's Shui On Land says controlling shareholder in talks with banks

HONG KONG, Jan 31 (Reuters) - Developer Shui On Land Ltd said on Wednesday its controlling shareholder Lo Hong Sui, also its chairman, was in talks with banks for financing and was reviewing options regarding his stake in the property group.

A media report said Lo, who owns around 57 percent of the Hong Kong-listed company, was in talks with banks for financing in preparation for taking the company private.

“No definite plans have been determined, no agreements relating to any of these options have been signed,” the company said in a filing to the stock exchange in response to the report.

The statement gave no further details.

Shares of Shui On Land rose as much as 15.2 percent to HK$2.80 in the afternoon, the highest since October 2013. That compared with a 0.1 percent rise in the benchmark Hang Seng Index.

The China-focused developer posted strong first-half earnings growth in 2017 on robust residential sales, but it expects sales growth in the second half to taper off amid property curbs and a likely slowdown in mortgage lending.

Reporting by Donny Kwok; Editing by Jacqueline Wong

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