Nam Tai Property (NTP) Enters $750M Revolving Facility with China Construction Bank

September 19, 2016 8:20 AM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.

Nam Tai Property Inc. (NYSE: NTP) is pleased to announce that on August 18, 2016, the Company signed a non-binding strategic cooperation agreement with China Construction Bank Corporation, Shenzhen Branch (the "Strategic Cooperation Agreement"). 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.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News

Related Entities

Dividend, Earnings

Add Your Comment