Summary by Futu AI
China Vanke announced on July 19, 2024, that its subsidiary, Cairong Co., Ltd., a holding company, has applied for a syndicated loan of HKD 5.24 billion with a term of one year from financial institutions to support the development of the Plot No. 243 project on Mawo Road, Taipo, Hong Kong. Vanke's wholly-owned subsidiary, Vanke Real Estate (Hong Kong) Limited, will assume a general guarantee obligation for Cairong's loan at the highest ratio of 100%, while another indirect shareholder of Cairong provides compensation guarantee by 5% of their shareholding proportion. In addition, Vanke's other holding subsidiary, JUBILANT CASTLE LIMITED, provides equity pledge guarantee to the lender with its 100% equity interest in Cairong. Due to changes in the financial indicators of the partners...Show More