New World Development (NWD), the conglomerate owned by one of Hong Kong’s wealthiest families, said it has completed around HK$35 billion (US$4.5 billion) in “low-interest and long-tenure” loans and debt repayments since January.
NWD announced on Monday that it was able to secure multiple low-cost new loans to replenish its liquidity and increase the proportion of yuan loans to reduce overall financing costs. The average interest rate for its offshore loans was about 1.1 per cent above Hibor, the city’s interbank offered rate, while the selected onshore yuan loans were set at fixed rates of 3.0 per cent and 2.9 per cent. The one-month Hibor currently stands at 4.64 per cent.
Source: TRADE FINANCE
