Summary by Futu AI
ON 26 JANUARY 2024, JINMAO OF CHINA ANNOUNCED THAT ITS WHOLLY OWNED SUBSIDIARY HEFEI FENMAO SIGNED AN AGREEMENT WITH THE INITIAL SHARES AND JIATAI OF NANJING, AGREEING TO PROVIDE SINCERE GOLD LOANS OF NO MORE THAN RMB612,021,265 AT AN ANNUAL INTEREST RATE OF 5.5%. The loan will be used for the development of a residential site in Gulou District, Nanjing, which was sold through an open tender process on December 14, 2023 by the first shares. Hefei Fengmao also conditionally agrees to participate in the public licensing process for Jiatai Nanjing. This transaction exceeds 5% but less than 25%, the maximum applicable percentage is disclosable in accordance with Chapter 14 of the Listing Rules. The Board considers that this move will help the Group to obtain quality land resources in Nanjing and is in the overall interests of the Company and its shareholders.