Summary by Futu AI
CHINA VANKE ANNOUNCED ON 29 APRIL 2024 THAT IT PLANS TO LAUNCH A COMMERCIAL REAL ESTATE MORTGAGE BACKED SECURITIES (CMBS) BUSINESS TO MEET BUSINESS DEVELOPMENT NEEDS AND BROADEN FINANCING CHANNELS. The scheme involves providing six subsidiaries with shareholder loans totalling RMB 14.35 billion and transferring these loans as underlying assets to asset-backed securities set up by the Special Scheme Manager. The administrator will be changed by Huatai Securities and will issue new asset-backed securities “National Securities - Pengyu Asset Support Special Program”. In addition, the Company received a letter of no objection from the Shenzhen Stock Exchange on the same day confirming that the legal text of the special scheme complies with the registration requirements. VANCO WILL CONTINUE TO ADVANCE ITS CMBS ISSUANCE WORK AND FULFILL ITS INFORMATION DISCLOSURE OBLIGATIONS IN A TIMELY MANNER AS REQUIRED BY LAW AND REGULATION.