Summary by Futu AI
Yuexiu Property Limited ("Yuexiu Property") announced on November 7, 2024, that its wholly-owned subsidiary, Hongjing Limited, has signed a financing agreement with a bank. According to the agreement, the bank will provide a revolving loan financing of 0.5 billion Hong Kong dollars for a period of 3 years. Yuexiu Property will provide guarantee for this financing agreement. The agreement also stipulates that if Yuexiu Property's controlling shareholder, Yuexiu Enterprise (Group) Co., Ltd., holds shares decrease to at least below 30%, or is no longer the largest beneficial shareholder, or no longer exercises management control over Yuexiu Property, it will constitute a default event, and the lender has the right to declare all debts due immediately. Currently, Yuexiu Enterprise holds approximately 44% of the issued shares of Yuexiu Property.