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China Oceanwide Holdings secures up to US$650M facility line

China Oceanwide Holdings Ltd. renewed two unsecured facility lines worth up to US$550 million in aggregate and landed a new unsecured facility line worth up to US$650 million.

The terms of the existing facilities have been extended for two years until Dec. 31, 2019, and the loans now bear interest at 5% per annum, with effect from Jan. 1, 2018.

The new loan will be provided by China Oceanwide Group Ltd. to China Oceanwide Holdings unit China Oceanwide Real Estate Development Holdings Ltd. The facility bears interest at 5% per annum, payable semiannually every June 30 and Dec. 31.

The company plans to use the proceeds from the new loan to pay project expenses of its real estate development projects in the U.S. and for general business purposes.