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Overview

Bank of China provides a $7 million USD loan to Century Development Group to finance the acquisition of 131-02 40th Road in Flushing

Commitments (Constant USD, 2023)$15,750,244
Commitment Year•2003Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2003
Start (actual)
Jan 1, 2003
End (actual)
Jan 1, 2003

Geospatial footprint

Map overview

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The proceeds were used by the borrower to purchase the property at 131-02 40th Road in Flushing, Queens, New York, New York. The site was later developed as Flushing Point Plaza. More detailed locational information can be found at https://www.openstreetmap.org/relation/19272164

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

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • Century Development Group LLC

Collateral providers

Private Sector

  • Century Development Group LLC

Loan description

Bank of China provides a $7 million USD loan to Century Development Group to finance the acquisition of 131-02 40th Road in Flushing

Interest type•Unknown

Collateral

The loan was secured by a mortgage on 131-02 40th Road in Flushing, Queens, New York, New York

Narrative

Full Description

Project narrative

In 2003, the Bank of China (BOC) entered into a $7 million USD loan agreement with Century Development Group LLC — a United States-incorporated real estate company real estate developer owned by George Xu, a China-born developer based in Flushing — to finance the acquisition of the property at 131-02 40th Road in Flushing, Queens, New York, New York. The loan was secured by (i.e. collateralized against) a mortgage on 131-02 40th Road. The proceeds were to be used to purchase the 131-02 40th Road property, where the developer planned to build a mixed-property with three towers across the 500,000 buildable square feet. However, in 2006, the developer sold the site for $26 million USD before any construction began.

Staff comments

1. AidData assumed Century Development Group was the borrower and collateral property as it was George Xu's property company and existed at the time of the loan. It is plausible, if not likely, that the specific intended borrowing and collateral providing institution was a subsidiary of Century Development Group. This issue merits further investigation.