HK Builder Lai Sun Seeks More Bank Support for Loan Refinancing

(Bloomberg) – Hong Kong developer Lai Sun Development Co., banks’ $ 3.5 billion hk ($ 446 million) credit is trying to get support for the financing agreement, but after about six months of talks, about half of the lenders are still on the ship.

The real estate company, which was controlled by its local king Peter Lam, made a commitment from nine from 19 original 19 -original lenders for five years of re -financing. According to compiled data Bloomberg, the current loan matures on October 5 and adds urgency to Lai Sun’s efforts.

Even if Lai Sun does not manage to protect the target amount from all banks, it may still choose to partially repay the loan and to finance the rest.

Lai Sun’s financing challenges underlines the depth of Hong Kong’s years of regression of Hong Kong, making banks careful about lending to developers in the city. The company has spent longer longer than the property of the New World Development Inc.’s last record loan to complete its financing again, which is a process that only takes months of negotiations and meetings between banks and regulators.

The original loan of Lai Sun was supported by the Cheung Shaun Plaza Office Tower and Shopping Center in Kowloon, Hong Kowloon, and would also be financing again. The company said that Hong Kong Interbank offered approximately 160 basis points on the ratio that it offers for financing again.

According to people, the cash flow produced from Cheung Sha Wan Plaza will be sufficient to cover interest costs on existing borrowing. In its temporary results, Lai Sun said that the tower had a 92.1%occupancy rate and that it generates $ 131 million HK revenue for six months up to six months and fell from $ 143 million hk compared to the previous year.

Lai Sun Development is the real estate branch of Hong Kong Konglomera Lai Sun Group, also known for its media and entertainment businesses. The parent’s financial position has been under Spot light since last year when Konishi has closed some restaurants in Hong Kong, including Michelin star Zest.

The real estate unit filed a clear loss of $ 117.8 million HK for six months ending in January and narrowed from the year-old period. Property sales decreased by 33.2% to $ 617.2 million HK.

Separately, Lai Sun is also negotiating to re -finance another bank loan supported by the company’s land assets, including Hong Kong Plaza in Shanghai. He added that 3.97 billion HK loans matured in the beginning of 2026.

Lai Sun did not respond immediately to the request for comment.

According to the latest interim report, Lai Sun had a total of $ 31 billion as a total of $ 31. According to the data compiled by Bloomberg, a troubled level reflecting investor concerns, the $ 5% of the $ 493 million is traded on approximately 52 cents.

There are more stories like this Bloomberg.com