Johnson Stokes & Master (JSM) represented the Urban Renewal Authority (URA) as borrower in its inaugural HK$13 billion syndicated term loan and revolving credit facilities. The URA is a statutory body established by the Hong Kong government “to undertake, encourage, promote and facilitate urban renewal of Hong Kong, with a view to addressing the problem of urban decay and improving the living conditions of residents in old districts”.
The financing has garnered strong support from a consortium of 12 banks and is generally well-received by the banking community. The strong support reflects URA’s longstanding credibility and stability, and represents a significant move toward advancing urban redevelopment initiatives in Hong Kong. The facilities will support URA’s long-term goal of fostering sustainable urban renewal, upgrading the built environment and improving the quality of life for residents in older districts, ultimately contributing to a more liveable Hong Kong.
Banking & Finance partner Dion Yu commented: “We are delighted to have supported our longstanding client, URA, on its inaugural and well-received syndicated loan facilities, which provide the financial flexibility essential for the effective execution of its projects and capital improvement initiatives. This transaction underscores our client’s vote of confidence in JSM, especially as we mark the relaunch of the 160-year-old JSM brand.”
The JSM team was led by partner Dion Yu and associate Bess Chung.