Summary by Futu AI
On April 26, 2024, Jinmao of China announced that its wholly owned subsidiary, Investment Development and Neutralization Finance, signed a RMB 15 billion loan agreement and related collateral contracts. This will provide liquidity expenses and exchange capital for shareholder loans to expand the real estate business. Neutralized Finance is a related party to China with a 37% shareholding ratio and a combined 63% interest in Neutralized Shares and Neutralized Capital. The transaction exceeds the relevant percentage rate of 5% and is subject to the approval of an independent shareholder in accordance with Chapter 14A of the Listing Rules. The Company will issue a circular and hold an Extraordinary General Meeting by May 31, 2024. The expansion plan plans to withdraw not less than RMB 10.8 billion before June 28, 2024 and withdraw the remaining loan principal by August 30, 2024. The borrowing rate will reference the five-year LPR and can be adjusted, with a loan term of 12 years. The property has a preliminary valuation of approximately RMB 31.3 billion and is located in Chaoyang District, Beijing.