Nine Elms developers borrow £430m amid China property crisis
The Hong Kong developers behind the Nine Elms regeneration in south London have borrowed £430m from banks amid fears that the escalating property crisis in China could hit projects in the UK.
The loan will enable R&F Properties and CC Land to cover the remaining costs related to the first phase of the Nine Elms development which will involve the construction of 600 new apartments.
A consortium of lenders, led by Chinese state-owned bank Citic Group and Lloyds Bank, provided the development loan, with support from the Bank of East Asia and OakNorth.
The Hong Kong developers behind the Nine Elms regeneration in south London have borrowed £430m from banks amid fears that the escalating property crisis in China could hit projects in the UK.
The loan will enable R&F Properties and CC Land to cover the remaining costs related to the first phase of the Nine Elms development which will involve the construction of 600 new apartments.
A consortium of lenders, led by Chinese state-owned bank Citic Group and Lloyds Bank, provided the development loan, with support from the Bank of East Asia and OakNorth.
Dickie Wong, deputy chairman and executive director of CC Land, said the funding would enable it to plan for the second and final phase of the project.
The first phase of Nine Elms Square is scheduled for completion by early 2023, with the whole scheme to be completed by 2025.
Nine Elms will comprise 12 buildings with 1,400 homes, shops, restaurants and 120,000 sq ft of offices.
Despite financial uncertainty in China, Wong said CC Land was evaluating the next place for developments in the UK, with no intention to repatriate profits from the money invested in London.
The Telegraph (£)
Image from CC Land
