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Huarong International Financial to borrow up to HK$650M via term loan facility

Huarong International Financial Holdings Ltd. will borrow up to HK$650 million from a bank under a term loan facility.

The availability of the facility is subject to, among other things, a letter of comfort issued by China Huarong Asset Management Co. Ltd., the controlling shareholder of the company, according to a Dec. 6 release. As long as the facility remains outstanding, China Huarong Asset Management agreed to maintain its controlling shareholder status in the company.

The company said it can secure a minimum amount of HK$5 million from each drawdown, or in integral multiples of HK$1 million thereafter, for up to 6 months.