Bay area dev (00737) announced that on June 24, 2024, its wholly-owned subsidiary, Shenzhen ..., directly, had signed a general bank credit letter of comfort as a borrower with Ping An Bank Limited Hong Kong Branch (as the lender). Based on this, Ping An Bank agreed to provide Waan Qi financing with HKD 1.2 billion of non-binding one-year revolving credit facilities. The loan is intended to be used for the repayment of Wanqi financing's existing debts and as its operating capital.
Waanqi financing (as the borrower), a wholly-owned subsidiary of the company, entered into a general bank credit letter of comfort with Ping An Bank Limited Hong Kong Branch (as the lender) on June 24, 2024. According to this agreement, Ping An Bank has agreed to provide Wanqi financing with HKD 1.2 billion of non-binding one-year revolving credit facilities. The loan is intended to be used for the repayment of Wanqi financing's existing debts and as its operating capital.
In view of the credit granted by Ping An Bank to Wanqi Financing, the Company and Ping An Bank entered into a guarantee deed on June 24, 2024, under which the Company shall provide guarantees to Ping An Bank to ensure that Wanqi Financing makes proper and timely payment and releases its liabilities to Ping An Bank under the Letter of Comfort, and to make compensation for all losses, expenses and liabilities incurred by Ping An Bank due to Wanqi Financing's failure to make appropriate and timely payment and to release its liabilities under the Letter of Comfort or any invalid, revocable, unenforceable or ineffective exercise of the above-mentioned liabilities by Wanqi Financing.