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Pan Hong signs 150m yuan revolving loan facility with Chinese firm

PROPERTY developer Pan Hong Holdings Group on Friday said that its subsidiary in China has signed a 150 million yuan (S$29.2 million) revolving loan facility agreement with borrower, Hangzhou Ganglian Real Estate, a unit of Sino Harbour Holdings.

Pan Hong executive chairman Wong Lam Ping has a direct and deemed 48.25 per cent stake in Sino Harbour, and 64.11 per cent direct and deemed stake in Pan Hong.

The audit committee considers the loan facility to be beneficial for the group as it utilises its excess cash.

Pan Hong is proposing to convene a special general meeting on Feb 5 to seek shareholders' approval for it.