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Overview

China Construction Bank provides a loan to refinance Chanel's flagship store in Australia

Commitment Year•2020Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

Private Sector

  • Unspecified Entity for the refinancing of Chanel's flagship store in Australia

Loan description

China Construction Bank provides a loan to refinance Chanel's flagship store in Australia

Interest type•Unknown

Narrative

Full Description

Project narrative

Prior to February 2020, China Construction Bank Corporation (CCB) provided a loan to an unspecified borrower to refinance Chanel's flagship store in Australia at 140 Flinders Lane in Melbourne, Victoria.

Staff comments

1. The specific commitment date is unknown. However, AidData has been able to discern the loan was made prior to February 2020, as its earliest recorded appearance can be found on a February 28, 2020-Internet Archive version of "Property and construction investment - Hall & Wilcox", listing Hall & Wilcox's experiences, including advising on this deal. Additionally, from that source, it is known that this loan was valued at less than $100 million AUD. This issue merits further investigation. 2. Chanel has a number of stores in Australia, including in Brisbane, Perth, Melbourne, and Sydney. However, circa 2013, the flagship was described as at the store at 140 Flinders Lane in Melbourne, Victoria, so AidData has assumed the loan went to it. Still, this issue merits further investigation for confirmation.