Singapore-listed Perennial Real Estate Holdings Ltd., together with its subsidiaries and associated companies, secured 15-year development loans totaling 6.46 billion yuan from China Construction Bank.
The group intends to use a portion of the sum to repay loans provided by Bank of China, which were utilized for the first and second phase construction of the Beijing Tongzhou Integrated Development in Beijing's Tongzhou district. Any leftover amount will be used to cover the remaining development cost, the company noted.
The Beijing project comprises retail, office and residential components. Perennial owns respective 40% and 23.3% stakes in the first and second phases of the development project.
According to a news release, nearly 2.11 billion yuan had been directed to the mixed-use development so far.
As of May 17, US$1 was equivalent to 6.37 yuan.
