Shanghai Industrial Urban Development (HKG:0563) (SIUD) and its substantial shareholder SIHL Finance Limited have entered into a loan extension agreement, whereby SIHL agreed to extend the term of the SIUD loan to 30 June 2012.

In December 2011, Shanghai Urban Development, a company owned as to 59% by SIUD and Shanghai Industrial Investment (Holdings) Company Limited (SIIC Shanghai) entered into the entrusted loan extension agreements with each of Bank of Communication (SHA:601328, HKG:3328), China Construction Bank (SHA:601939, HKG:0939) and China Minsheng Bank (SHA:600016, HKG:1988) pursuant to which the entrusted loans were extended for an additional term of one year.

SIUD said that the proceeds of the loans had been utilised to finance acquisition costs of land and development, construction and improvement costs in its projects.

SIIC Shanghai is a company incorporated in the PRC with limited liability with SIIC as the authorised representative exercising state-owned shareholders' right over it.