Nine Elms developers borrow £400m amid Chinese property crisis

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Mr Wong said: “The funding from the syndicate banks is the kind of strong endorsement for this project we have been hoping for.

“I believe Nine Elms is the most attractive part of London in terms of regeneration and we are very confident about the
long-term future of the London market.”

Following completion, Nine Elms will comprise 12 buildings with 1,400 homes, shops, restaurants and 120,000 sq ft of offices. The development will house facilities including a 30 metre indoor heated pool, gym, spa room and cinema.

Despite financial uncertainty in China, Mr Wong said CC Land was evaluating the next place for developments in the UK, with no intention to repatriate profits from the money invested in London. 

A spokesman for R&F said it was “fully committed” to London and had a major programme of developments progressing at pace at Nine Elms.

The fresh funding follows recent struggles to market the properties. One agent previously told The Telegraph that the project was “a hell of a leap of faith” and that the level of interest in the area should worry the developers.

The financial support for the Nine Elms project comes as more Chinese developers are plunged into financial uncertainty.

Shares and dollar bonds in Sunac China Holdings, another major Chinese developer, declined further on Monday, as investor fears were stoked following a request for government support to ease pressure on sales.

Shares of the Hong Kong-listed firm finished Monday’s trading 9.4pc down at its lowest close since June 2017, adding to
Friday’s 6.9pc loss. Its 6.5pc bond due 2026 dropped 5 cents on the dollar to 81.3 cents.

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