Perennial secures $1.3 bil financing for Phases 1 and 2 of Beijing Tongzhou development

SINGAPORE (Oct 3): Perennial Real Estate Holdings (PREHL) has secured loans totalling RMB6.4 billion ($1.3 billion) from the Bank of China for the development of Phases 1 and 2 of Beijing Tongzhou project.

PREHL has effective stakes of 40% and 23.3% in Phase 1 and Phase 2 respectively.

The Phase 1 loans secured by its three subsidiaries totalling RMB3.64 billion consist of a 7-year term loan of nearly 986 million and a 15-year development loan of RMB 2.65 billion.

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