Chinese developer gets extension to repay loan

Hong Kong

AGILE Property Holdings has obtained a critical 12-month extension to repay what remains of a US$475 million loan due in December, resolving one of the biggest short-term refinancing risks facing the struggling Chinese developer.

Banks including HSBC Holdings, Standard Chartered and Hang Seng Bank agreed to extend as much as US$265 million of the loan, the company said in a stock exchange filing late on Sunday. The rest of the loan will be repaid by the net proceeds of a US$213 million rights issue Agile announced earlier this month.