China Vanke Corporation Limited (referred to as "China Vanke") announced on June 20, 2024 that, in order to meet operational needs, the company and its controlling subsidiaries have applied for loans from banks and provided guarantees. Based on the authorization of the 2023 shareholders meeting, the total amount of new guarantees provided by the company to its subsidiaries does not exceed RMB 150 billion. The guarantee for this time includes two main guarantees: firstly, the RMB 263 million loan that Chongqing Yunke Real Estate Co., Ltd. applied for from CM Bank, provided with equity pledge guarantee by its shareholders, including Chongqing Vanke and Chongqing Kepan; secondly, the RMB 1.694 billion loan that China Vanke Corporation applied for from Industrial and Commercial Bank of China, guaranteed by...Show More

China Vanke Corporation Limited (referred to as "China Vanke") announced on June 20, 2024 that, in order to meet operational needs, the company and its controlling subsidiaries have applied for loans from banks and provided guarantees. Based on the authorization of the 2023 shareholders meeting, the total amount of new guarantees provided by the company to its subsidiaries does not exceed RMB 150 billion. The guarantee for this time includes two main guarantees: firstly, the RMB 263 million loan that Chongqing Yunke Real Estate Co., Ltd. applied for from CM Bank, provided with equity pledge guarantee by its shareholders, including Chongqing Vanke and Chongqing Kepan; secondly, the RMB 1.694 billion loan that China Vanke Corporation applied for from Industrial and Commercial Bank of China, guaranteed by equity pledge and joint and several liability guarantee provided by controlling subsidiaries, such as Wuchang Gecangjunling. As of May 31, 2024, the guarantee balance of China Vanke Corporation was RMB 44.685 billion, accounting for 17.82% of the net assets attributable to shareholders of the listed company at the end of 2023 after audit. After this guarantee, the total external guarantee amount will reach RMB 46.642 billion, and the proportion will increase to 18.60%. The board of directors stated that this guarantee is helpful to meet the needs of the company's business development, and the risk is controllable without any damage to the company and shareholders' interests.