Central Center Transaction completed

Cheung Kong (01113) sold 75% of its title in the Queen’s Center, 99 Queen’s Road Central, at a price of RMB 40.2 billion at the end of last year. Although the buyer’s consortium took a twist on the financing plan, it successfully completed the transaction yesterday. Some of the building fabrics will be short-term. Dismantling sale.

Pursuant to the sale and purchase agreement of the Central Centre, the transaction completion date expired yesterday. Sources said that the buyer consortium yesterday signed all documents to complete the transaction by Jin Lifeng (01031) CEO Zhu Liyuehua. It is reported that the buyer consortium has implemented the sale of a 18-month high-interest bond to institutional investors led by Morgan Stanley, raising about 32 billion yuan, which is about 80% of the transaction value, and the remainder is funded by a number of buyers.

Morgan Stanley takes the lead in financing 32 billion yuan

A source close to the purchasers pointed out that the loan’s interest rate for the first year was 7.5 per cent, and it rose to 12.5 per cent in the subsequent six months. However, early repayments can be negotiated from the second half of the borrowing date to reduce interest expenses. Multiple investors in the buyer’s consortium have completed the sub-buildings and investors will build mortgages for banks on the floors they hold. However, since the loan provided by Morgan Stanley currently uses 75% of the property’s ownership as collateral, new buyers can only be sold on a layer-by-layer basis and cannot be sold in every tier.

At present, some floors have accepted buyers for purchase. Investor Zhang Shunyi said that he holds four floors, of which 42 and 43 floors are intended for a price of 50,000 yuan and 49 and 50 floors are 55,000 yuan, but they only tend to sell two floors. Another investor, Cai Zhizhong, indicated that the two floors he held on the 22nd and 23rd floors had an intention of selling at a price of 45,000 yuan, and the price per layer was more than 1.1 billion yuan. If not, he would not consider selling it.