China Eximbank provides buyer’s credit loan for 7th Khoroolol Housing Construction Project

📋 Staff Comments

1. This project is also known as the Construction of Residential Area in 7th Khoroolol, Sukhbaatar District, Ulaanbaatar Project, the Housing Complex G of the 7th Khoroolol Construction Project, and the Ger Area Redevelopment at the 7th Khoroo Housing Complex G Project. The Mongolian project title is Улаанбаатар хотын Сүхбаатар дүүргийн 7 дугаар хорооллын Г хэсэг орон сууцны хорооллын төслийг хэрэгжүүлэх or хооронд Улаанбаатар хотын 7 дугаар хорооллын “G” хэсгийн. The Chinese project title is 乌兰巴托市苏赫巴托区第七小区G部分项目 or 低造价保障性住房项目 or 乌兰巴托第七小区G部分住宅项目.
2. The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.
3. The precise face value of the China Eximbank buyer’s credit is unknown. However, the borrower was authorized to use the proceeds of the buyer’s credit to finance up to 85% of the commercial contract with Beijing Uni.-Construction Group Co., Ltd. (BUCC). Therefore, AidData assumes that the face value of the buyer’s credit was equivalent to 85% of $221,447,500 ($188,230,375).
4. Some media sources suggest that this loan was provided in two tranches, with the first tranche carrying a 2% interest rate, 15-year maturity, and 3-year grace period and the second tranche carrying a 4.1% interest rate, 5-year maturity, and 3-year grace period. This issue merits further investigation.

📚 Sources & References

• EXIM Bank of China Finances Buyant-Ukhaa II in Ulaanbaatar
• 中蒙两国签署多项合作文件
• Mongolian and Chinese Enterprisers Establish Cooperation Documents, Монгол газар, МАК зэрэг компаниуд гэрээнд гарын үсэг зуржээ, “Төрийн орон сууцны корпораци” Төрийн өмчит үйлдвэрийн газрын үйл ажиллагаанд хийсэн гүйцэтгэлийн аудитын тайлан, “一带一路”效应显现：蒙古国修法免税求关注
• 住总海外介绍：, 4460 housing complex financing approved
• 蒙古国乌兰巴托市市长巴特乌勒到访北京住总
• THE GOVERNMENT OF MONGOLIA US$500,000,000 10.875 PER CENT. NOTES DUE 2021 issued pursuant to the US$5,000,000,000 Global Medium Term Note Program, Монгол Улс БНХАУ-тай хамтран ажиллах 15 баримт бичгийг баталгаажуулав, А.ГАНТУЛГА:“БУЯН-УХАА 2” ХОРООЛЛЫН 1000 АЙЛЫН ОРОН СУУЦ ЭНЭ ОНД АШИГЛАЛТАД ОРНО
• Frontier’s newswire June 08-14, 2015
• Offering Memorandum
• China Overseas Development Finance
• 中蒙两国签署多项合作文件 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.