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Skyfame Realty lands HK$750M loan

Skyfame Realty (Holdings) Ltd. secured a HK$750 million term loan facility from Industrial Bank Co. Ltd. Hong Kong Branch, subject to certain conditions.

The loan has a term of 24 months from the date of first use and may be extended for another year.

Pursuant to the terms of the facility, it will be a change of control event if Executive Director, Chairman and CEO Yu Pan's shareholdings in the company decrease to below 30% and the executive ceases to be the real estate developer's single largest shareholder. Upon the occurrence of such event, the lender will cancel the facility and all outstanding loans and amounts will become immediately due and payable.