Wang On Properties gets $1 billion loan

Wang On Properties (1243) said it has been granted a term loan facility of up to HK$1.02 billion for 36 months by six local lenders. 

The fresh funds will be used for refinancing its outstanding loans and for general corporate
purposes, the developer said in a filing on Monday.

The banks include Bank of Communications (Hong Kong), Chong Hing Bank, Hang Seng Bank (0011), the Bank of East Asia (0023), The Hongkong and Shanghai Banking Corporation, and United Overseas Bank’s Hong Kong branch. 

Wang On belives the loan provides additional financial resources for project construction and
strengthens its cash flow. 
STAFF REPORTER