Global International Credit Group (HKG:1669) unit Global International Credit agreed to grant a HK$35 million secured loan to a third-party individual for a 12-month term, a Tuesday Hong Kong bourse filing said.
The loan carries an interest rate of 11.5% per annum, according to the financial services company.
The proceeds from the loan will be used to fully settle the outstanding principal under a previous similar loan agreement between the parties.
A first legal charge/mortgage related to a HK$54 million residential property and two car parking spaces in Jardine's Lookout was pledged as security against the loan.
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