Gaw Capital Seeks HKD14.4bn Refinancing Deal
Gaw Capital Partners is negotiating a three-year refinancing of a HKD14.4bn loan secured against 16 Hong Kong shopping centres.
Updated on Nov. 5, 2026 in Commercial
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Gaw Capital Partners is in talks over a potential three-year facility to refinance a HKD14.4bn loan secured against 16 shopping centres in Hong Kong. Pricing and other terms of the proposed facility have not been finalised.
Why it matters
The refinancing reflects efforts by a major property owner to manage debt tied to its Hong Kong retail portfolio. Lower borrowing costs would ease financing pressure on the portfolio.
The existing HKD14.4bn loan, arranged in 2024, carries an interest margin of 148 basis points above Hibor, and Gaw completed a HKD4.29bn loan against the Regent Hong Kong hotel in September. The proposed terms of the new facility remain unresolved.
The players
Gaw Capital Partners
Gaw Capital Partners is a Hong Kong-based real estate investment and asset management firm with a substantial portfolio of commercial properties.
United Overseas Bank
United Overseas Bank is a Singapore-headquartered bank with a significant presence in Asian commercial lending markets.
Standard Chartered Bank
Standard Chartered Bank is a London-headquartered international banking group with a long-established presence in Hong Kong.
ANZ
ANZ, formally Australia and New Zealand Banking Group, is a major Australian bank with operations across Asia.
The details
Gaw Capital is seeking to refinance the loan secured against 16 shopping centres spanning Kowloon and the New Territories. United Overseas Bank, ANZ and Standard Chartered Bank (Hong Kong) acted as mandated lead arrangers, bookrunners and underwriters on the existing facility.
Timeline
2024: Existing HKD14.4bn loan arranged.
September: Gaw completed a HKD4.29bn loan secured against the Regent Hong Kong hotel.
Market Landscape
Hong Kong's commercial property sector has faced a prolonged downturn, with retail weakness visible in department store sales declining 2.8% year-on-year in August while supermarket sales rose 1.5%. Refinancing deals like Gaw's show owners seeking to rework debt as lenders weigh exposure to the sector.
For shoppers and tenants of Hong Kong shopping centres, the refinancing terms could influence the financial stability of the landlord and the leasing environment. Retail demand trends, such as the August department store decline, shape how owners approach their debt obligations.
The takeaway
Commercial property owners in Hong Kong are reworking debt to manage refinancing pressure, and the eventual pricing of the proposed facility will show how lenders view the sector. Readers tracking the market can watch whether interest margins on new deals move below the existing 148 basis points above Hibor.
Further reading
For broader context on office and retail property trends, see Commercial.
Source note: This article includes information reported by Private Equity Wire.
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