Summary by Futu AI
On August 7, 2024, China Vanke Corporation Limited (referred to as "Vanke") announced that, in order to meet its business development needs, the company and its controlled subsidiaries have provided guarantees for bank loans. According to the authorization of the 2023 shareholders' meeting, the total amount of new guarantees provided by the company for its controlled subsidiaries and other businesses does not exceed RMB 150 billion yuan. This guarantee includes loans applied to Bank of Shanghai and China Postal Savings Bank, involving a total principal amount of RMB 3.96 billion yuan, and is secured by the equity, project assets, and accounts receivable of the project company of the controlled subsidiary. As of March 31, 2024, the total asset of Vanke's consolidated financial statements is RMB 1,463.869 billion yuan, with a total debt of RMB 1,064.336 billion yuan and a net asset of RMB 399.533 billion yuan. The company stated that this guarantee is helpful in meeting its business needs, has controllable risks, and does not harm the interests of the company and shareholders.