(EQS-News / 21/04/2015 / 18:58 UTC+8)
//
CDB Capital offers unconditional guarantee on company loan
To assist CNTD in obtaining RMB260 million loan at favorable interest rate,
Guarantees development and operation of Shanghai Project
(Hong Kong and Singapore, 20 April 2015) - China New Town Development
Company Limited - the future blueprint planner and leading developer of
integrated new towns in China (the "Company", "CNTD", the "Group"; HKSE:
1278.HK; SGX: D4N.SI, its ultimate controlling entity is China Development
Bank Capital Corporation Ltd. ("CDB Capital"), is pleased to announce that
CDB Capital provided unconditional guarantee to support the newly arranged
loan of RMB 260 million at favorable interest rate by Industrial and
Commercial Bank of China ("ICBC") to Shanghai Golden Luodian Development
Company Limited ("Shanghai Golden Luodian"), a subsidiary of the Company.
CDB Capital is the controlling shareholder of the Company with 54.32%
shareholding, and the Company is the controlling shareholder of Shanghai
Golden Luodian with 72.63% shareholding. Shanghai Golden Luodian is the
project company for the development of Shanghai Luodian New Town with the
site area as 6.8 square kilometers. Shanghai Golden Luodian has applied for
project development loan from Baoshan Branch of ICBC, among which the first
batch RMB 260 million was unconditionally guaranteed by CDB Capital with 5
years term, and the annual interest rate is agreed at no higher than the
benchmark PBOC rate for such tenor (currently at 5.75%). The proceeds of
the loan will be used to fund primary land development and for general
working capital purposes.
The spokesman of CNTD comments, "Upon the completion of share subscription,
CDB Capital spares no efforts in providing comprehensive supports to the
Company's development. CDB Capital expanded the Company's operating scale
by strengthening the management expertise, and leveraged its nationwide
business network resource, brand awareness and networks to bring systematic
advantages to CNTD. In addition, CDB Capital's unconditional guarantee to
assist the Company in obtaining financing at favorable cost is an effective
evidence of full support to the Company's development by CDB Capital with
its strong credit background."
"CNTD is the only listed platform of CDB Capital in the business segment of
new urbanization. Over the year since CDB Capital's completion of shares
subscription, the Company achieved great progress in its business
development with the support of CDB Capital. We would like to take this
opportunity to express appreciation to CDB Capital of its persistent
support to the Company. Looking forward, with promised full support of our
controlling shareholder, CNTD is expected to be a nationwide leading
township developer and integrated operator."
-END-
About China New Town Development Co. Ltd.
(HKSE: 1278.HK; SGX: D4N.SI)
With its new town development founded in 2002, China New Town Development
Co. Ltd. was first listed on the SGX in 2007 and dual listed on HKSE in
2010. It is a company dedicated to planning and developing new town
projects in the PRC. Its actual controlling shareholder is China
Development Bank Capital Corporation Ltd. ("CDB Capital "). CDB Capital is
a wholly owned subsidiary of China Development Bank. Its establishment was
approved by the State Council. With a registered capital of RMB 47.6
billion, CDB Capital is a unique integrated investment platform covering
both domestic and offshore markets. Its investments cover areas the
strategic new model township developments, overseas investments, and funds.
Integrated new model township development is one of the core businesses of
CDB Capital. Through its unique business model, the Company forms joint
ventures with local governments to develop new town projects, and
participate in the full range of activities including master planning,
resident relocation and resettlement, land clearing and preparation,
construction of infrastructure and high quality ancillary facilities. It
also introduces quality brands and leading real estate developers into the
new towns it operates to enhance the long term value of the town and its
land resources. It then shares part of the value enhancement upon land
sales. Starting from 2002, the Company has been engaged in the development
of Shanghai Luodian New Town, Wuxi Hongshan New Town and Shenyang Lixiang
New Town. Among them, the Luodian New Town has entered maturity phase and
received international and domestic recognition for its innovative new town
design and execution. The Luodian New Town was granted the prestigious
status of "United Nations Development Program Pilot Town" by the United
Nations Development Program and "National Development and Reform Pilot
Small Town" by the National Development and Reform Commission (NDRC).
Recently, it was awarded the "EU Small Town Union - Representative Member
from Asian Pacific".
Enquiry
Hong Kong Singapore
Financial PR (HK) Limited Financial PR (Singapore) Limited
Hon Fung, Dawn Lee, and Canace Charlotte Fu, Zhang Yuchao, and Ngo Yit
Email:staff@financialpr.hk Sung
Tel: (852) 2610 0846 / 633 55 Email:staff@financialpr.sg
933 Tel: (65) 6438 2990
Fax: (852) 2610 0842 Fax: (65) 6438 0064
End of Press Release
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Document: http://n.equitystory.com/c/fncls.ssp?u=IQGDGLDBCF
Document title: CHINANEWTOWN: CDB Capital offers unconditional
guarantee on company loan To assist CNTD in obtaining RMB260 million
loan at favorable interest rate, Guarantees development and operation
of Shanghai Project
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(END) Dow Jones Newswires
April 21, 2015 06:59 ET (10:59 GMT)
