Summary by Futu AI
On July 18, 2024, Yuexiu Property (Yuexiu Real Estate Investment Trust) announced that its wholly-owned subsidiary, Hongjing Limited, signed a financing agreement with a bank. According to the terms of the agreement, the bank will provide a HKD 700,000,000 term loan with a term of 364 days. The loan is secured by Yuexiu Property. In addition, the financing agreement also includes a clause that if the holding ratio of Yuexiu Enterprise (Group) Co., Ltd., the controlling shareholder of Yuexiu Property, drops below 30%, or loses control over Yuexiu Property, it will constitute a default event, and the lender has the right to declare all debts immediately due. Currently, Yuexiu Enterprise holds approximately 44% of the issued shares of Yuexiu Property.