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Overview

Agricultural Bank of China provides a £37 million GBP loan to Wentworth Club to upgrade its facilities

Commitments (Constant USD, 2023)$50,722,927
Commitment Year•2017Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2017

Geospatial footprint

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This loan supported Wentworth Club Limited, operator of the Wentworth Club, a private golf and country club in Virginia Water, Surrey, England. The proceeds of this loan appear to be used by the borrower as part of an investment programme at the club, which featured a refurbishment of the clubhouse, a rebuild of the spa and tennis club, and a renovation of the West Course More detailed locational information can be found at https://www.openstreetmap.org/way/22911115

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Receiving agencies

Private Sector

  • Wentworth Club Limited

Loan desecription

Agricultural Bank of China provides a £37 million GBP loan to Wentworth Club to upgrade its facilities

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2017, the Agricultural Bank of China (ABC) issued a £37 million GBP loan to Wentworth Club Limited — a company owned by Reignwood International Holdings Limited, a British Virgin Islands-incorporated company owned by Chinese-Thai billionaire Chanchai Ruayrungruang — to upgrades its facilities. The proceeds of this loan appear to be used by the borrower as part of an investment programme at the club, which featured a refurbishment of the clubhouse, a rebuild of the spa and tennis club, and a renovation of the West Course. These upgrades were ongoing as of August 2018. Wentworth Club Limited operates the Wentworth Club, a famous private golf and country club located in Virginia Water, Surrey, England. It consists of three championship golf courses, a tennis and health center, a restaurant, and hotel and conference facilities. It notably hosts the European Tour's BMW PGA Championship at its West Course annually. Reignwood purchased the club in 2014 for £135 million GBP. The club featured numerous clashes with members, with accusations that it was to become an elitist club with a 'car park full of Lamborghinis' by raising fees for membership to £100,000 GBP for existing members and £125,000 for new ones. By 2018, Wentworth Club was heavily in debt, with the £37 million GBP ABC loan joined by two existing loans worth £135 million from Reignwood Global Investment, which agreed not to seek repayment until the club can afford it. In 2017, the club suffered losses of £13 million GBP and only £14.5 million GBP in turnover, a doubling of its £5.6 million loss in 2016 and decline of £3.2 million GBP from its 2016 £17.7 million GBP turnover.