Soho gets 10b yuan credit line

Soho China, the biggest commercial landlord in Beijing's Central Business District, has secured a 10 billion yuan five-year credit line at favorable terms from Bank of China (BOC) Beijing branch in what it described as a "strategic cooperation agreement".

This was the first major bank facility granted to a property developer, or any privately owned enterprise, specifically for the financing of mergers and acquisitions. The arrangement was apparently made in response to the government's latest call for banks to help fund corporate M&A activities as part of the economic stimulus program.

"This is the first time a Chinese real estate developer secures a credit line of such large amount from a State-controlled bank," said Zang Xinjun, an official from BOC's Beijing branch.