SHKP signs a syndicated loan of HK$27.5 billion
Sun Hung Kai Properties Limited (SHKP) recently signed a five-year loan facility with 18 prime international and local banks. The credit facility received an overwhelmingly positive response from the banking community, oversubscribed five times of its initial amount. The final size of the syndicated loan amounted to HK$27.5 billion, the largest ever for the Group.
SHKP Chairman and Managing Director Raymond Kwok said: “We are grateful for the strong support and vote of confidence shown by the participating banks in SHKP. With the full opening of the border and the lifting of all the Covid prevention measures, all social activities have resumed to full normalcy and the economy is also returning to its pre-Covid level. We have full confidence in the prospects of the country and believe that Hong Kong will continue to thrive under ‘One Country, Two Systems’. We are also confident that with the strong support of the Central Government and Hong Kong’s connectivity to the world, the future of Hong Kong will be very promising. The Group will continue to invest in Hong Kong and to take advantage of the growth arising from Greater Bay Area and the mainland, and to contribute to the continuous prosperity of Hong Kong and the mainland.”
He added the Group has a strong pipeline of upcoming new projects for sale, and its growing property investment portfolio generates sizeable and reliable recurrent income. The Group will speed up sales of its residential units to satisfy the housing needs of the Hong Kong public. “We are excited about our recent wins in the tenders for the Artist Square Towers Project in the West Kowloon Cultural District and the large-scale integrated commercial project in Mong Kok, both of which we believe will create strong synergy with our existing properties in the vicinity and provide fresh impetus to the future growth of Hong Kong as a financial and innovation centre. The Group’s recurrent income stream will be further strengthened upon completion of these two projects in Hong Kong and several integrated developments in Hong Kong and major mainland cities like the High Speed Rail West Kowloon Terminus Development in Hong Kong, ITC in Shanghai and IFC in Nanjing.”
Ms. Lu Ying, General Manager of Global Corporate Banking Department of Bank of China (Hong Kong) (BOCHK), said: “SHKP is committed to developing premium quality residential estates, offices and large-scale integrated complexes that lay a solid foundation for its long-term development. As a long-term partner of SHKP, BOCHK is delighted to be appointed as the coordinating arranger and facility agent of its syndicated loan facility. The oversubscribed syndicated loan is a testimony to SHKP’s excellent financial strength and strong reputation. BOCHK will continue to provide a full range of syndicated finance, acquisition and structured finance solutions to our customers and support their business development needs with our professional and comprehensive financial services.”
Mr. Matthew Hung, Managing Director, Head of Corporate Coverage, Global Banking Hong Kong of The Hongkong and Shanghai Banking Corporation Limited (HSBC), said: “The oversubscription of SHKP’s latest and largest-ever syndicated loan facility was achieved despite tough markets and is a testament to the developer’s robust operating model. We look forward to supporting the client as they continue to expand in the region.”
Mr. Tony Lee, Managing Director and Head of Global Corporate Banking, East Asia of MUFG, said: “MUFG has a long-standing presence in Hong Kong spanning 70 years and over this time, we have demonstrated an unwavering commitment to the local corporate community. We are therefore very pleased to support SHKP in the successful completion of their largest landmark syndicated loan. Being appointed as one of the coordinating arrangers and publicity agents is a strong testament to the trust and confidence the Group placed in us. We look forward to continuing our partnership together and celebrating many more milestones in the future.”
Bank of China (Hong Kong) Limited is the facility and documentation agent. The Hongkong and Shanghai Banking Corporation Limited and MUFG Bank, Ltd. are the publicity agents. They work together to coordinate this facility with the backing of:-
- Agricultural Bank of China Limited,
- DBS Bank Ltd.,
- Industrial and Commercial Bank of China (Asia) Limited,
- Oversea-Chinese Banking Corporation Limited,
- China Minsheng Banking Corporation,
- Hang Seng Bank Limited,
- Fubon Bank (Hong Kong) Limited,
- Standard Chartered Bank (Hong Kong) Limited,
- United Overseas Bank Limited,
- Sumitomo Mitsui Banking Corporation,
- Chiyu Banking Corporation Limited,
- Citibank, N.A.,
- BNP Paribas,
- Dah Sing Bank, Limited,
- Mizuho Bank, Limited.
The facility was signed by Sun Hung Kai Properties (Financial Services) Limited, with its parent, SHKP, providing a guarantee. It has a 30:70 split between a term loan and revolving credit tranches, and a maturity of five years. The proceeds will be used to finance some of its debts and extend the maturity profile which is in line with the Group’s policy of arranging substantial committed facilities for its future development. SHKP has the highest credit ratings among property companies in Hong Kong, attaining an A1 and A+ rating with a stable outlook from Moody’s and S&P respectively.
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SHKP-Kwoks’ Foundation meets with delegation from Nanjing University
deepening 18-year collaboration
The SHKP-Kwoks’ Foundation (the Foundation), established by Sun Hung Kai Properties Limited (SHKP), has been a strong supporter of Nanjing University for many years. Tan Tieniu, Secretary of the CPC Nanjing University Committee, recently led a delegation from the university and met with SHKP Chairman and Managing Director Raymond Kwok and SHKP-Kwoks’ Foundation Executive Director Amy Kwok to discuss ways to further strengthen collaboration on nurturing talent.
During the meeting, Tan Tieniu expressed his gratitude to SHKP and the Foundation for their continuous support and charity work over the past 18 years. He also shared the recent rapid development of Nanjing University and looked forward to stepping up collaboration in the future.
Mr. Kwok said: “In addition to the scholarship scheme that supports promising students from underprivileged families, the Group and the Foundation would like to see if we can do more with Nanjing University to groom talent. SHKP has strong demand for high-calibre talent for its various projects in the Yangtze River Delta, and the Hong Kong SAR government has launched a number of initiatives to attract talent. Nanjing University is one of the eligible universities under the Top Talent Pass Scheme and that is an excellent way for the university graduates to pursue careers in Hong Kong.”
As an honorary trustee of Nanjing University, Ms. Kwok cares deeply about the university. She said she was encouraged by the remarkable results of the scholarship scheme, which has become a well-respected subsidy programme at the university. 80% of the beneficiaries continue their studies in local and overseas universities or graduate schools after graduation, and 20% work in the government or large corporations. The scholarship recipients have achieved outstanding results, becoming the new generation of talent supporting the country's future development.
The SHKP-Kwoks’ Foundation’s scholarship programme for Nanjing University was set up in 2006. It has since completed three phases, donating a total of some HK$16 million, benefitting about 3,000 students.
Over the past two decades, the Foundation has initiated more than 80 charity projects, benefitting about 70,000 people in 28 provinces across the country.
Nanjing University is one of the top institutions listed in the country's "Double First-Class Initiative". In recent years, the university has prioritized the development of five key areas at its new campus in Suzhou – artificial intelligence and information technology, functional materials and intelligent manufacturing, chemical biomedicine and health engineering, earth system and future environment, and digital economics and management science. As a first-class university in the country, Nanjing University has received wide recognition and established a highly respected research reputation across multiple disciplines.