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China Overseas Land secures HK$18B club loan

China Overseas Land & Investment Ltd. obtained an HK$18 billion five-year club loan, marking the company's largest bank financing to date.

The loan, provided by 15 Chinese and foreign banks, will bear an annual interest rate at the Hong Kong Interbank Offered Rate plus 1.38%.

The company said it will use the proceeds to fund its new and existing property projects, for existing debt refinancing and for other general corporate purposes.

The lenders are Bank of China (Hong Kong), HSBC, Sumitomo Mitsui Banking Corp., ICBC (Asia), Agricultural Bank of China Hong Kong branch, Bank of Communications Hong Kong branch, China Construction Bank (Asia), DBS Hong Kong branch, Bank of East Asia, China Development Bank Hong Kong branch, Hang Seng Bank, UOB, Nanyang Commercial Bank, Oversea-Chinese Banking Corp. and OCBC Wing Hang Bank.