Summary by Futu AI
According to the latest announcement, China Vanke Corporation Limited (referred to as "Vanke") and its holding subsidiary Vanke Logistics Development Co., Ltd. have applied to banks for and withdrawn a total of CNY 2.741 billion in loans, and have provided guarantees for the loan through share pledge and asset mortgage. This move was authorized by the 2023 Shareholders' Meeting, with a new guarantee total not exceeding CNY 150 billion. On July 12, 2024, Vanke announced that the President of the company agreed to the guaranty matters based on authorized decisions. Vanke Logistics' loan to Bank of Beijing was CNY 1.699 billion, with a term of 10 years and collateral provided by multiple holding subsidiaries through share pledge or asset mortgage. Vanke's 2023 revenue was CNY 465.739 billion, with a total profit of CNY 29.805 billion, and the first quarter of 2024 recorded CNY 61.594 billion in revenue, but a net loss of CNY -0.362 billion. Vanke stated that this guaranty is helpful to support the operational needs of the company and the risk is controllable.