Overview

China Construction Bank New Zealand provides a $100 million NZD loan to Kiwi Property Group for unspecified purposes

Commitments (Constant USD, 2023)$75,620,377

Commitment Year•2017Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandOverseas Jurisdiction•New ZealandSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 1, 2017

Last repayment (originally scheduled): Aug 31, 2023

Geospatial footprint

Map overview

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This loan supported Kiwi Property Group, which has an address of 205 Queen Street Level 14, DLA Piper Tower Auckland, 1010 New Zealand. More detailed locational information can be found at https://www.openstreetmap.org/way/157332772#map=19/-36.84926/174.76469

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 (New Zealand) Limited (CCB NZ)

Receiving agencies

Private Sector

Kiwi Property Group Limited

Collateral providers

Private Sector

Kiwi Property Group Limited

Loan desecription

China Construction Bank New Zealand provides a $100 million NZD loan to Kiwi Property Group for unspecified purposes

Interest type•UnknownMaturity•6 years

Collateral

This facility was secured by a Global Security Deed which granted a security interest over all of the assets of Kiwi Property Group Limited; no mortgages was granted over Kiwi Property's properties, but the deed allowed for mortgages to be granted if an event of default occurred.

Narrative

Full Description

Project narrative

In September 2017, it was announced that China Construction Bank (New Zealand) Limited (CCB NZ) had entered into a six-year $100 million NZD facility agreement with Kiwi Property Group Limited, a New Zealand real estate company for unspecified purposes. This facility carried a maturity of six years and was secured by (i.e. collateralized against) a Global Security Deed which granted a security interest over all of the assets of Kiwi Property; no mortgages was granted over Kiwi Property's properties, but the deed allowed for mortgages to be granted if an event of default occurred. In May 2021, Kiwi Property refinanced $700 million NZD of the debt from its $825 million NZD bank facilities, reducing the overall amount to $800 million NZD. In August 2021, it refinanced another $100 million NZD of bank debt facilities. CCB NZ remained a creditor to Kiwi Property after these refinancing; therefore, the $100 million NZD CCB NZ facility must have been refinanced.