Chiwayland to raise $35m borrowings for Oz project

It is for a property project in Brisbane.

Singapore-listed property developer Chiwayland International announced its intention to raise borrowings of around $35 million for an Australian project.

In an announcement filed in Singapore Exchange, Chiwayland said its wholly-owned subsidiary, Chiwayland Investment Cayman, will be the one to carry out the fund raising.

The funds will be collected from high net worth individuals, for use in Group’s project in Toowong, Brisbane, Australia.

Another subsidiary, Suzhou Chiwayland Group Co., Ltd, has committed to provide
a corporate guarantee for the borrowings raised from high net worth individuals by Chiwayland Investment.

The group furthered, "It is envisaged that the Company’s wholly-owned subsidiary, Shanghai Ruize Equity Investment Management Co., Ltd., will be appointed to manage and administer the aforesaid borrowings raised from high net worth individuals."