Shimao Property hires HSBC and StanChart for $400M loan

Two people familiar with the matter said Shimao Property, a Chinese developer controlled by billionaire Xu Rungmao, hired the two banks for a three-year loan.

Shimao last month received the bondholder consents it needed to amend terms of some of its notes. Shimao said the changes would give it flexibility to raise more debt to pursue new business opportunities.

The bonds included $250 million of floating-rate notes due 2011 and $350 million of 8 percent notes due 2016, according to a filing to Singapore's stock exchange Jan. 27.

Once loan terms are completed the facility will be put out for general syndication, the two people said, declining to comment further because details are private.

View full report in Bloomberg.