Nine Elms developers borrow £ 400million amid China’s property crisis
Mr. Wong said, “Funding from the syndicate banks is the kind of strong endorsement for this project that we were hoping for.
“I think Nine Elms is the most attractive part of London in terms of regeneration and we are very confident about the
the long-term future of the London market. “
When complete, Nine Elms will consist of 12 buildings with 1,400 housing units, stores, restaurants and 120,000 square feet of office space. The development will house facilities including a 30-meter heated indoor swimming pool, gym, spa room and cinema.
Despite financial uncertainty in China, Mr Wong said CC Land was evaluating the next location for developments in the UK, with no intention of repatriating profits from money invested in London.
A spokesperson for R&F said it was “fully committed” to London and that a major development program was progressing at a steady pace at Nine Elms.
The new funding follows recent struggles to market the properties. An agent already said The telegraph that the project was “a hell of a leap of faith” and that the level of interest in the region should worry developers.
Financial support for the Nine Elms project comes as more and more Chinese developers are plunged into financial uncertainty.
Shares and dollar bonds of Sunac China Holdings, another large Chinese developer, fell further on Monday, as investor fears were fueled following a request for government support to ease the pressure on sales.
Shares of the Hong Kong-listed company closed on Monday down 9.4% to their lowest level since June 2017, adding to
Friday loss of 6.9 pc. Its 6.5% bond due 2026 fell 5 cents on the dollar to 81.3 cents.