HK’s Top Developer Gets $2.6 Billion Loan at Multi-Year Low Rate

Hong Kong’s largest developer Sun Hung Kai Properties Ltd. has secured a HK$20 billion ($2.6 billion) bank loan at its lowest borrowing cost in years, according to people familiar with the matter.

The five-year loan, whose proceeds will go toward refinancing, was initially offered at HK$5 billion with expectations it may grow if demand was strong, the people said, asking not to be identified discussing private matters. In the end, banks pledged as much as HK$26 billion, they said.