- Yanlord HK signed a US$1.1 billion syndicated loan facility comprising a US$805 million equivalent dual-tranche term loan facility and a US$295 million equivalent dual-tranche revolving credit facility;
- 3.5-year at 335 basis points margin on HIBOR or LIBOR;
- A syndicate of 24 leading local and international banks and financial institutions across Asia participated in this deal, in which CMB Wing Lung Bank Limited, DBS Bank Ltd., Hang Seng Bank Limited, Shanghai Pudong Development Bank Co., Ltd, Standard Chartered Bank (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited acted as the mandated lead arrangers and bookrunners (the “Mandated Lead Arrangers and Bookrunners“) for this syndicated loan facility, reflecting continued confidence and support of the Group from the financial sector; and
- This syndicated loan facility, available in United States Dollars and Hong Kong Dollars, is granted for the general corporate purposes of the Group, including but not limited to refinancing the Group’s existing indebtedness.
SINGAPORE and HONG KONG, Aug. 11, 2020 /PRNewswire/ — Yanlord Land Group Limited (Z25.SI) (“Yanlord” or the “Company“, and together with its subsidiaries, the “Group“), a Singapore Exchange-listed real estate developer focusing on developing high-end integrated commercial and residential property projects in strategically selected high-growth cities in the People’s Republic of China (“PRC“) and Singapore, announced today that its wholly-owned subsidiary, Yanlord Land (HK) Co., Limited (“Yanlord HK“) has signed a US$1.1 billion syndicated loan facility comprising a US$805 million equivalent dual-tranche term loan facility and a US$295 million equivalent dual-tranche revolving credit facility (the “Facility“). The Facility was oversubscribed by 1.4 times, allowing Yanlord HK to increase the total facility size from the original US$860 million to US$1.1 billion.
Commenting on the deal, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said “The strong support we have received from the financial institutions for the Facility bears testament to their continued confidence in Yanlord’s sustainable development and solid financial position. Over the last few years, Yanlord has continued to increase its investments in high-growth cities in the PRC. Our products are well received by our customers. With the growth in partnerships with strategic international and local partners, we have been increasing the number of developments necessary to sustain our long-term development, diversify our income sources and mitigate risk.”
Leveraging on the successful diversification and expansion strategies of the Group, the Group together with its joint ventures and associates recorded a 116% rapid growth in contracted pre-sales to RMB55.70 billion in 2019 over 2018. With the resumption of economic activities in the PRC since late February 2020, the Group together with its joint ventures and associates’ total contracted pre-sales rebounded in March 2020 and continued to grow to RMB29.7 billion in 1H 2020, representing an increase of 65% compared to RMB18.08 billion in 1H 2019.
Mr. Zhong added, “In terms of geographical expansion, we have set a foothold in Singapore through investing in Leedon Green in 2018, which represented our first residential development in the city state, and acquiring United Engineers Limited and its investment property portfolio in 2H 2019. Together with our established presence in 17 high-growth cities across the PRC, the diversified portfolio will further increase our recurring income and generate more property pre-sales for the Group going forward.”
A representative of the Mandated Lead Arrangers and Bookrunners remarked, “The oversubscription of the Facility during the COVID-19 period reflects the confidence and strong support from the banking community to Yanlord. In view of the remarkable sales performance and long-term diversification strategy of the Group in expanding its quality asset portfolio and geographical presence in high-growth cities, we are proud to have arranged another significant credit facility for Yanlord HK to further strengthen the financial position of the Group and support its accelerating growth.”
The Facility is lead-arranged and made-available to Yanlord HK by CMB Wing Lung Bank Limited, DBS Bank Ltd., Hang Seng Bank Limited, Shanghai Pudong Development Bank Co., Ltd, Standard Chartered Bank (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited (the “Mandated Lead Arrangers and Bookrunners“), Chong Hing Bank Limited, Nanyang Commercial Bank, Limited, Ping An Bank Co. Ltd., Offshore Banking Center, China Construction Bank Corporation, Hong Kong Branch, China Merchants Bank Co., Ltd., Hong Kong Branch, Nanyang Commercial Bank (China), Limited Wuxi Branch and Shanghai Rural Commercial Bank, Changning Branch (the “Mandated Lead Arrangers“), The Bank of East Asia, Limited, Dah Sing Bank, Limited, Industrial and Commercial Bank of China (Asia) Limited and Industrial and Commercial Bank of China (Macau) Limited (the “Lead Arrangers“), Tai Fung Bank Limited, Luso International Banking Limited, China CITIC Bank International Limited, China Guangfa Bank Co., Ltd., Macau Branch, United Overseas Bank Limited (acting through its Hong Kong Branch) and United Overseas Bank Limited (the “Arrangers“) and Bank of Shanghai (Hong Kong) Limited (the “Senior Manager“), upon the terms and conditions of a facility agreement made between, among others, Yanlord HK as borrower, the Company together with its certain other subsidiaries listed therein as original guarantors, the Mandated Lead Arrangers and Bookrunners, the Mandated Lead Arrangers, the Lead Arrangers, the Arrangers, the Senior Manager, Hang Seng Bank Limited as facility agent and the financial institutions listed therein as original lenders.
About Yanlord Land Group Limited:
(Co. Reg. No. 200601911K)
Yanlord Land Group Limited (Z25.SI) is a real estate developer focusing on developing high-end fully-fitted residential, commercial and integrated property projects in strategically selected key and high-growth cities in the PRC and Singapore. Yanlord Land Group Limited was listed in June 2006 on the Mainboard of the Singapore Exchange. As at 31 December 2019, the Group’s total asset was approximately RMB129.9 billion.
Since Yanlord’s foray into the PRC market in 1993, it has successfully developed a number of large-scale residential property developments in Shanghai and Nanjing with international communities of residents, such as Yanlord Gardens, Yanlord Riverside Gardens and Yanlord Riverside City in Shanghai and Orchid Mansions, Bamboo Gardens and Yanlord International Apartments in Nanjing. The “Yanlord” name has been developed into a premium brand, synonymous with quality, within the property development industry of the PRC. Currently, the Group has an established presence in 17 key high-growth cities within the six major economic regions of the PRC namely, (i) Yangtze River Delta – Shanghai, Nanjing, Suzhou, Hangzhou, Nantong, Taicang and Yancheng; (ii) Western China – Chengdu; (iii) Bohai Rim – Tianjin, Tangshan and Jinan; (iv) Greater Bay Area – Shenzhen, Zhuhai and Zhongshan; (v) Hainan – Haikou and Sanya; and (vi) Central China – Wuhan.
Since 2003, Yanlord has been developing high-quality commercial and integrated properties, such as shopping malls, offices, serviced apartments and hotels. Yanlord’s core completed investment and hotel properties includes Yanlord Landmark, with a GFA of approximately 165,800 sqm, a premium commercial development comprised of an upmarket retail mall, an office building, a 360-room serviced apartment building operating under the name of InterContinental Residences in Chengdu, Yanlord Riverside Plaza with a GFA of approximately 159,800 sqm, a premium integrated commercial complex comprised of a retail mall, an office building and a commercial street in Tianjin, Yanlord Marina Centre with a GFA of approximately 103,400 sqm, a large-scale integrated development, comprised of a retail mall, office suites and a 324-room five-star hotel operating under the name of InterContinental Zhuhai, in close proximity to the entrance of the Hong Kong-Zhuhai-Macau Bridge in Zhuhai, Sanya Hai Tang Bay – Land Parcel 9, a 404-room five-star luxury hotel operating under the name of Crowne Plaza Sanya Haitang Bay Resort in Sanya, Yanlord International Apartments, Tower A , a 210-room serviced apartment tower operating under the name of Frasers Suites in Nanjing, and Hengye International Plaza, a four-story household products wholesale mall in Chengdu. The property portfolio is generating growing recurring income to the Group.
The Group also strives to expand its businesses to diversify its asset base and income sources. In February 2020, Yanlord successfully completed the acquisition of then another Singapore Exchange listed company – United Engineers Limited (“UEL”), taking it private and integrating into the Group. UEL (founded in 1912) and its subsidiary, WBL Corporation Limited (founded in 1906), are companies with a history that extends more than a hundred years. UEL is one of Singapore’s pioneer companies and played an integral role in the country’s property development industry since the colonial period. UEL has developed numerous iconic buildings that define the Singapore landscape and holds a high-quality investment property portfolio in the country, including UE BizHub CITY, UE BizHub TOWER, UE BizHub WEST, Rochester Mall, Park Avenue Rochester and Park Avenue Robertson. In addition, UEL holds a number of property development and investment projects in Shanghai, Chengdu and Shenyang in the PRC. Besides the property investment, UEL has mining, agriculture, precision engineering and other businesses in Australia, the United States of America, the United Kingdom and other various countries. UEL has since been integrated into the Group, thereby expanding Yanlord’s international business platform.
Yanlord currently has two residential projects under development in Singapore, namely Leedon Green and Dairy Farm Residences.
For additional information pertaining to Yanlord Land Group Limited, please refer to the Group’s website, www.yanlordland.com.