Summary by Futu AI
China Resources Land Limited ("China Resources Land") announced on June 21, 2024 that it has signed two separate term loan financing agreements with a bank for amounts of RMB1.8 billion and RMB1.5 billion, respectively. The financing agreements require China Resources Group to hold no less than 35% of the equity interest in China Resources Land and maintain its position as the largest single shareholder, otherwise it will constitute a breach of contract. Currently, China Resources Group holds approximately 59.55% of the equity interest in China Resources Land. In addition, a breach of contract will be triggered if China Resources Group no longer has ownership of more than 50% of the equity interest by a government agency in China. In the event of a breach of contract, the lender has the right to cancel the loan facility or declare all repayment amounts and interest due and payable immediately. China Resources Land will disclose relevant information in accordance with Rule 13.21 of the Listing Rules in its subsequent interim and annual reports.