Yanlord Land Group says it has signed an agreement for a three-year US$400 million ($560 million) term loan facility which is the largest to-date for NON-state-owned Chinese property developers, says Yanlord.

The facility, available in both US$ and HK$, will be used to refinance the outstanding amount of the US$200 million loan facility dated Nov 7, 2007, and for general corporate purposes including the acquisition of land.

Yanlord says the facility received positive response in the syndicated loan market and saw participation from a total of 21 international and local financial institutions from eight countries and regions.

Lead arrangers for the loan include HSBC, Standard Chartered Bank (Hong Kong) and The Royal Bank of Scotland Plc, who later introduced DBS Bank, Australia and New Zealand Banking Group and Hang Seng Bank into the group.

Due to the strong oversubscription at general syndication, Yanlord says it decided to raise the facility amount from the original launch size of US$350 million to US$400 million.

The facility carries an interest margin of LIBOR/HIBOR + 2.80% per annum.