Neptune lending more


Local junket operator Neptune Group Limited has entered into a mortgage loan agreement with two independent third parties, according to a filing by the company with the Hong Kong Stock Exchange on Tuesday after trading hours.
The loan deal amounts to HK$42 million, with a 7 per cent interest rate per year for a term of 12 months, and is provided by Top Vast, an indirect wholly owned subsidiary of the company.
Neptune noted it expects to receive annual interest income of HK2.94 million during the term of the loan.
A residential property located on ‘a prime site in Hong Kong’ Island appraised at HK$60 million will serve as collateral for the deal.
Since the end of 2016, Neptune has started diversifying its portfolio by engaging in the money-lending business.
Earlier this week, Hou Wan, a junket service provider operated by the company, received notice from The Venetian of the termination of operations in the property, effective August 30.
The termination of business involving Hou Wan comes after The Venetian terminated other business of the company, suspending the operation of 14 VIP tables in the casino run by another subsidiary of Neptune, Hao Cai Sociedade Unipessoal Limitada, effective June 30, 2017.