Agile property gets critical extension for part of $475 mln loan

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HONG KONG Oct 27 Struggling Chinese developer Agile Property Holdings Ltd has obtained a critical 12-month extension to repay what remains of a $475 million loan due in December, the company said in a stock exchange filing. Banks including HSBC Holdings, Standard Chartered and Hang Seng Bank agreed to extend as much as $265 million of the loan, the company said in a filing on Sunday.

The rest of the loan will be repaid by the net proceeds of a $213 million rights issue Agile announced earlier this month.

The company also won the banks' approval to extend another HK$2.7 billion