CCB to p bellow seal globe valve rovide HK$1.53-bln loan to redevelop land in Hong Kong<br />
Posted On 10/13/2011 22:19:18 by raojia79
CCB to p bellow seal globe valve rovide HK$1.53-bln loan to redevelop land in Hong Kong
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CCB to provide HK$1.53-bln loan to redevelop land in Hong KongPublished: 22 Sep 2009 20:34:47 PST

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    Sep. 23, 2009 (China Knowledge) - China Construction Bank Corp, the world's second-largest bank by market value, will lend HK$1.53 billion to fund the redevelopment of a site in Hong Kong that is jointly owned by the lender and Hong Kong-based Lai Sun Development Co, announced Lai Sun yesterday.

    The site is jointly owned by the Chinese bank and the Hong Kong-listed developer through their wholly-owned subsidiaries, said Lai Sun in a statement.

    The Ritz Carlton Hong Kong, now demolished, previously occupied the site. A Grade A office tower with a floor area of 225,000 square feet will be built there. It is expected to be completed in 2011.

    Lai Sun will provide a HK$765-million guarantee for the project, according to the statement.

    In 2007, CCB acquired a 40% stake in Ritz-Carlton Hong Kong for HK$1.37 billion. In February 2008, CCB increased its stake to 50%, buying a 10% stake from Lai Sun Development for HK$417.2 million, according to an earlier report from China Knowledge.

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