Shenzhen Investment Ltd. secured an up to HK$400.0 million transferable term loan facility from an unidentified bank.
The facility has a term of 48 months, starting Dec. 18, according to a company release.
Under the agreement, a default on the loan will arise in certain cases, such as if Shum Yip Holdings Co. Ltd. ceases to be the company's largest shareholder. Shenzhen Municipal People's Government of the People's Republic of China must also retain a majority stake in Shum Yip.
Shum Yip holds roughly 60.78% of Shenzhen Investment's issued share capital.