HCHD in negotiations to borrow EGP 350mn

Sunday 28 August 2016 02:28 PM

real estate investment
real estate investment

By Omnia Ibrahim:
Heliopolis Company for Housing & Development (HCHD) attempts to receive financing worth EGP 350mn. The firms has addressed some state-owned banks to obtain a loan, and 3 financial leasing companies to submit financing offers.
Sources told Al Mal newspaper that HCHD intends to construct water and power stations in one of its projects, adding it has given a period of 15n days to banking institutions and financial lease firms to put forward their proposals.
Among the financial leasing companies are Incolease, A.T. Lease and  Arab African International Leasing Company, the sources said, adding the financing may be provided in the form of a joint financial leasing contract by the three operators equally with the state-owned banks financing the value of the contract.
A lender can give the loan directly to the HCHD, the sources noted.
Heliopolis Company for Housing and Development is mainly engaged in construction and housing projects. The company's core business is carrying out housing and development related projects, in addition to land development and planning, and construction of housing, hotels, holiday resorts and hospital. Heliopolis provides also land subdivision services and land use planning and management of projects for others.