Novaland gets $40m of $100m loan
Novaland gets $40m of $100m loan
Credit Suisse AG Bank’s Singapore office has disbursed US$40 million (VND900 billion) to giant Vietnamese housing developer Novaland Group from a loan of $100 million for which they had signed a contract in August.
The loan is for a tenor of 42 months and carries a preferential interest rate, Novaland said.
It said the money would be used to ensure the progress and quality of projects it is currently developing.
Novaland has signed deals with many credit institutions like Maybank, VietinBank Filiale Deutschland and GW Supernova Pte Ltd.
Late last year, COUNTRY-based GW Supernova Pte Ltd gave the company a loan of $50 million for a period of 36 months.
In April last year, a consortium of Maybank HCM City, Maybank Labuan and VietinBank Filiale Deutsland provided another loan worth $30 million.
Novaland said the support from banks has helped it expand its business.
