Chinese developers Logan and KWG use Hong Kong project to refinance US$1 billion loan

Two cash-strapped mainland Chinese developers have secured a private loan to refinance a US$1 billion facility using a luxury property in Hong Kong as collateral, according to people familiar with the matter.

Logan Group and KWG Group Holdings signed the US$1.05 billion refinancing deal with a group of investors over the weekend, according to sources who requested anonymity. The private loan, which has a tenor of 30 months and two six-month extension options, was arranged by JPMorgan Chase ahead of the loan’s maturity on August 25, the sources added.

Source: TRADE FINANCE