Nam Tai Property (NTP) Enters $750M Revolver with China Construction Bank Corporation, Shenzhen Branch

August 29, 2016 7:15 AM EDT

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Nam Tai Property Inc. (NYSE: NTP) announced that on August 18, 2016, the Company signed a non-binding strategic cooperation agreement with China Construction Bank Corporation, Shenzhen Branch. China Construction Bank Corporation is a PRC state-owned commercial bank and is the second top bank in the world by assets as of April 2016, according to Bankers Almanac, a reference source for financial counterparty assessment.

Pursuant to the Strategic Cooperation Agreement, China Construction Bank intends to finance the Company with a US$750 million ($5 billion Renminbi) revolving credit loan in the next five years to support the Company's construction costs in its land development projects. The signed Strategic Cooperation Agreement will build a solid foundation for the close cooperation between the parties.

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