Singapore/Hong Kong ¨C 24 April 2017 ¨CYanlord Land Group Limited announced today that it has signed a landmark US$1.05 billion syndicated 3.5 year credit facility through its wholly-owned subsidiary, Yanlord Land (HK) Co., Limited, with a consortium of 26 leading global banks and financial institutions.
Receiving strong support from the international financial community, the facility was oversubscribed by financial institutions leading to it being increased from the original US$ 600 million to US$1.05 billion.
Commenting on signing of the facility, Mr. Zhong Sheng Jian, Yanlord¡¯s Chairman and Chief Executive Officer, said ¡°The strong support we have received from the banking community for this facility bears testament to their continued confidence in Yanlord¡¯s sustainable development. With an established presence as a leading developer of high-quality residential and integrated developments in high growth cities across the PRC, the Yanlord brand will continue to be built upon the satisfaction and trust that our customers place in our products. This trust is clearly reflected in the continued growth in our pre-sales which saw a compounded annual growth rate of 61.7% from RMB12.726 billion in FY 2014 to RMB33.257 billion in FY 2016.¡±.
The lead arranger banks for the syndication are DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited, Hang Seng Bank Limited and Wing Lung Bank, Limited. Standard & Poor¡¯s and Moody¡¯s have both upgraded their ratings outlook for Yanlord to positive from stable.