07:53 AM EDT, 07/05/2024 (MT Newswires) -- Deutsche Bank AG ( DB ) is pursuing several existing lenders to buy a stake in a HK$10.2 billion ($1.3 billion) project loan supporting a luxury property development in Hong Kong, Bloomberg reported on Friday, citing people familiar with the matter.

The bank offered about 96 to 97 cents on the dollar for part of the facility, which matures in August and financed The Corniche construction, the report said.

The report added that the transaction has yet to be finalized.

Ares Management had earlier proposed acquiring a majority stake in the loan at 95 cents on the dollar in April but remains in talks, according to the report.

JPMorgan Chase is also discussing arranging a new HK$8.95 billion loan to refinance the existing facility, potentially with an annual interest rate ranging from 10% to 15%", Bloomberg reported in May.

Deutsche Bank ( DB ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 17.02, Change: -0.01, Percent Change: -0.06