The board of directors of Tianjin Development Holdings Limited announced that the company as borrower has entered into a facility agreement with a syndicate of banks as lenders on 23 November 2016 in respect of a term loan facility of HKD 1,800,000,000 for a period of 36 months commencing from the date of utilisation. Pursuant to the Facility Agreement, it will be an event of default, inter alia, if: the Tianjin Municipal People's Government ceases to maintain a shareholding ownership directly or indirectly in the Company of more than 50%, or the company ceases to be under the direct or indirect management control of Tsinlien Group Company Limited. In case of an occurrence of an event of default, the Lenders may by notice to the company: cancel the total commitments or any part thereof; declare that the loan or any part thereof together with accrued interest, and all other amounts accrued or outstanding be immediately due and payable; and/or declare that the loan or any part thereof be payable on demand. As at the date of this announcement, Tsinlien is directly and indirectly interested in approximately 62.80% of the total number of issued shares of the company.