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Anchor Land, Chinabank in tieup

[ ] June 4, 2011

ANCHOR Land Holdings Inc. and China Banking Corp. have entered into a financing deal to provide affordable loans for the real estate firm’s clients.

In a disclosure to the Philippine Stock Exchange, Anchor Land said the deal would provide its clients a loan rate of 5.75 percent per annum, with a maximum repayment term of 15 years through equal monthly amortizations.

Under the agreement, buyers of six Anchor Land projects would get up to 90 percent of the selling price of the units as loan proceeds, allowing them to pay only 10-percent equity for the housing unit.

The deal covers Anchor Land projects namely, Admiral Baysuites along Roxas Boulevard, SoleMare Parksuites in Aseana Business Park in ParaƱaque City, Mayfair Tower in Ermita as well as Mandarin Square, Wharton Parksuites and Anchor Skysuites in Binondo.

“This is part of our continuing efforts to provide our clients with the best deals and services including ease of financing should they need one,” said Stephen Lee, Anchor Land chairman.

“I believe that this financing facility from China Bank will further increase the salability of our projects, and at the same time provide us more than adequate resources to deliver all our projects on time, as committed,” Lee said.

Anchor Land expects revenues to hit the P3-billion level this year, a 12.17-percent improvement from the P2.66 billion generated in 2010.

In the first three months, the real estate firm’s net income increased by 53 percent to P212 million from P139 million last year, on the back of the strong sales and the continuing development of three ongoing projects.

Its shares were last traded on Thursday at P19 each.

Krista Angela M. Montealegre

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