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Wednesday, 31 October 2012

CapitaLand enters funding agreement with Chinese banks

CapitaLand Ltd on Wednesday said it has entered into a strategic co-operation agreement with four Chinese banks for a credit limit allocation of up to 50 billion yuan (S$10 billion) for CapitaLand's China businesses.

The four banks are Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC).

The move will help CapitaLand provide funding for the group's growth plans in its residential, commercial, retail, serviced residence, integrated developments and financial services sectors across China, said Liew Mun Leong, president and CEO of CapitaLand Group.

Since the start of this year, CapitaLand has committed S$3.0 billion in new investments, with Singapore and China accounting for the bulk of the amount.

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