In what appears to be the largest property financing in China, sole arranger DBS Bank has closed syndication for a $180 million dual tranche facility for Shanghai Hua Qing Real Estate Development. Allocations will be finalized this week for the three-year bullet transaction that comprises a $80 million loan and a $100 million standby credit facility.
Bank of China Hong Kong, Commerz East Asia and Maybank have joined as underwriters with commitments of between $30-$40 million. Banks joining as senior managers are Agricultural Bank of China, Bangkok Bank, Wing Hang Bank and Xiamen International Bank with commitments of $10 million each.
Underwriters will receive management fees of 30bp for all-in of 90bp, while senior...
