Zhitong Finance App News, Beijing Beichen Industrial Co., Ltd. (00588) announced that Changsha Beichen Real Estate Development Co., Ltd. (Changsha Beichen), which is wholly owned by Beijing Beichen Real Estate Group Co., Ltd., a wholly-owned subsidiary of the company, plans to sign a “fixed asset loan contract” with the China Construction Bank Corporation Hunan Branch Sales Department (CCB Hunan Branch) to apply for a commercial property mortgage with a loan amount of RMB 750 million and a term of 15 years.

Recently, Changsha Beichen plans to sign the “Maximum Mortgage Contract” and the “Maximum Accounts Receivable Pledge Contract” with CCB Hunan Branch to provide mortgage guarantees for housing ownership and state-owned land use rights at the Changsha Guohui Hotel and Beichen International Conference Center held by Changsha Beichen, to provide pledge guarantees for corresponding accounts receivable, and to guarantee all debts under the “Loan Contract”. The total principal amount of the secured principal debt shall not exceed RMB 750 million. The property rights of the above collateral are clear, there are no other cases of collateral or pledge, and there are no cases involving litigation, arbitration matters, or judicial measures such as seizure or freezing.

The company plans to sign a “Maximum Principal Guarantee Contract” with CCB Hunan Branch in the near future to provide a maximum guarantee for Changsha Beichen to fulfill a series of debts under the “Loan Contract” mentioned above. The guarantee method is a joint and several liability guarantee. The total principal amount of the secured principal claim shall not exceed RMB 750 million. The guarantee period starts from the date the “Loan Contract” is signed and ends 3 years after the expiration date of the debt performance period under the “Loan Contract”.