Longfor Group obtains RMB 18-bln credit line from ABC
Published: 28 Oct 2009 01:26:46 PST
Oct. 28, 2009 (China Knowledge) - Longfor Group, a Beijing-based property enterprise, said yesterday that it has signed a cooperation agreement with Agricultural Bank of China, one of the country's Big Four state-owned lenders. Pursuant to the agreement, ABC will provide RMB 18 billion in credit to Longfor Group. In addition, ABC will provide the Chinese property developer all-around financial services including loans for real estate development and acquisitions. Longfor Group plans to start a road show on Monday for an initial public offering in Hong Kong to raise between US$800 million and US$1 billion. The company is expected to be listed on the Hong Kong bourse on Nov. 19. Longfor Group has hired Morgan Stanley, Citigroup and UBS AG as the sponsors of the IPO. Copyright © 2009 www.chinaknowledge.com |
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