Gemdale Offers Beijing Office Complex as Collateral to Get $980 Million Syndicated Loan

Gemdale Corp., the Chinese state-backed developer facing debt of more than 10 billion yuan ($1.4 billion) due in the next four months, is offering a landmark Beijing shopping mall and office complex as collateral as it tries to obtain a 7-billion-yuan syndicated loan from a group of lenders led by China Merchants Bank.

State-owned China Merchants Bank had approved the loan but other potential lenders, including state-owned Industrial and Commercial Bank of China Ltd., Agricultural Bank of China and Bank of Communications, have yet to make a final decision, Caixin learned from sources close to China Merchants Bank and the developer.