Philippine Infradev Holdings Inc., formerly IRC Properties Inc., will get an additional $332 million funding for the 10-ki-lometer Makati subway project. Last Monday, the Chinese partners of the project signed the investment agreement with Philippine Infradev and the city government of Makati.
Hui Gao Investments Development Ltd. will provide $102 million as equity investment and $200 million in credit facility to be used for the Philippines’ first intra-city subway system.
Shanghai Mintu Investments Ltd. also signed a subscription agreement for $30 million direct equity investment in Makati City Subway Inc., the corporate entity that will construct and operate the subway system, Makati Mayor Abby Binay said.
Hui Gao Investments Development Ltd. is an affiliate of Redco Properties Group, a Hong Kong publicly listed integrated property developer focusing on mid-to-high-end residential and commercial property development in the People’s Republic of China.
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