Hong Kong Tycoons, Hony Capital Seek Loan to Build Golf Course

A consortium comprising private equity firm Hony Capital Ltd. and Hong Kong property tycoons is seeking to raise a loan of about HK$2.3 billion ($294 million) to back the ongoing construction of a golf course in the city, according to people familiar with the matter.

Proceeds of the five-year loan will be used to transform a restored landfill into an 18-hole, par-71 championship course in Tai Po district, located in Hong Kong’s New Territories, the people said, asking not to be identified discussing private matters. The funds will also be for refinancing purposes, they added. Hony Capital is teaming up with Hong Kong’s Lai Sun Development Co. and the billionaire family controlling Far East Consortium International Ltd. on the project, the people said.