LONDON (Alliance News) - Adamas Finance Asia Ltd Tuesday said it has agreed to advance a USD2.4 million to portfolio company Changtai Jinhongbang Real Estate Development Co Ltd, which Changtai will use to fund the continued development of the Tian Tong Shan Villa project in China.
Adamas has an indirect 15% interest in Changtai through loans. The new loan carries a coupon of 10%, payable six monthly, and has a two-year term with a potential one year extension at the option of Adamas.
The Tian Tong Shan Villa project will be a spa resort with ancillary residential, commercial and recreational facilities in Fujian Province, China. Phase one is due for completion in mid-2015, and Starwood Hotels & Resorts Worldwide Inc has agreed to be the operator of a planned five-star hotel trading under the Le Méridien brand.
Adamas shares last traded at USD0.08 in London.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath11
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