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China Resources secures HK$2B facility, to pay 1B yuan for hotel relocation

China Resources Land Ltd. signed a five-year HK$2.00 billion term loan facility agreement with an unnamed bank and disclosed its joint venture's contract with a unit of its parent for the relocation of the Sanjiu Hotel in Shenzhen's Luohu district, China, for a price of approximately 1.01 billion yuan.

The facility agreement is conditioned upon its parent China Resources (Holdings) Co. Ltd., that owns roughly 61.27% of China Resources Land's issued share capital, remaining as the single largest shareholder of the latter with a minimum 35% controlling interest.

Separately, the relocation deal between the joint venture of China Resources Land Shen Nan Development (Shenzhen) Co. Ltd. and Sanjiu Travel Hotel Co. Ltd., is intended to facilitate and implement the urban renewal project of the hotel, according to a release.

The plan will entail the relocation of permanent and temporary structures that span a total gross floor area of 27,374 square meters.

As of March 28, US$1 was equivalent to 6.30 yuan.