Chinese Developer Logan Group Secures Private Loan for Refinancing

Distressed Chinese Developer Logan Group Gets $1 Billion Loan

Cash-strapped Chinese developer Logan Group has secured a HK$8.2 billion ($1.05 billion) private loan for refinancing, paving the way for restructuring its $8 billion of offshore debt.

Key Takeaways:

• Logan Group has secured a private loan of HK$8.2 billion ($1.05 billion) for refinancing.
• The refinancing plan will allow Logan Group to restructure its US$8 billion of offshore debt.
• Logan Group is one of many Chinese developers facing financial difficulties due to the country's property market downturn.

Logan Group's Refinancing Plan

The refinancing plan involves extending the maturity of Logan Group's existing debt and providing the company with additional liquidity.

The loan was arranged by JPMorgan Chase Co and will be used to repay Logan Group's existing debt and fund its ongoing operations.

Logan Group's Financial Challenges

Logan Group is one of several Chinese developers facing financial difficulties due to the country's property market downturn.

The company has been hit by a decline in property sales and a rise in construction costs, which has led to a sharp increase in its debt levels.

The refinancing plan will provide Logan Group with some breathing room and allow it to continue operating while it works to restructure its debt.

Conclusion

Logan Group's refinancing plan is a sign of the challenges facing the Chinese property market.

The company is one of many developers that have been hit by a decline in property sales and a rise in construction costs.

The refinancing plan will provide Logan Group with some breathing room and allow it to continue operating while it works to restructure its debt.