China Resources Land Ltd. entered into an HK$11.00 billion term loan facility agreement with a syndicate of banks Aug. 3.
The five-year term commences from the date of the first advance under the facility, according to a company release.
The agreement requires China Resources (Holdings) Co. Ltd., or CRH, to remain the company's single largest shareholder, among other conditions. CRH, which has a roughly 61.27% stake in China Resources Land, must maintain a beneficial ownership and control interest in the company of at least 35%.
Under the deal, if China Resources Land fails to meet these conditions, it will be in default and all commitments under the facility will be canceled and outstanding amounts, along with accrued interest, will be immediately due and payable.