HK’s top developer gets HK$20 billion loan at multi-year low rate
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Hong Kong's largest developer, Sun Hung Kai Properties, has secured a HK$20 billion loan at a multi-year low interest rate, with banks pledging up to HK$26 billion for the refinancing deal. The five-year loan, offered at 60 basis points over the Hong Kong Interbank Offered Rate, indicates strong bank support and a recovering housing market in Hong Kong, aided by increased purchases from mainland Chinese buyers. The benchmark one-month Hibor rate has decreased to 2.13% from 3.08% earlier this year, potentially attracting more buyers to the market.
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