On May 31, Capital State learned that Hong Kong stock companiesChinese Olympic Garden(03883.HK) issued an announcement that between January 2020 and April 2021, the group provided advances to a number of entities to finance a number of its property development projects.
The advances granted by the group include nine project companies with a capital of 13.3 billion yuan. From a specific point of view The advances to Zhongyin Real Estate are about 1.108 billion yuan, the advances to Guangzhou Olympic Sheng are about 1.697 billion yuan and 1.802 billion yuan respectively, the advances to Haitang in Qingdao are about 1.3 billion yuan, the advances to Tianyue Bay in Zhuhai Olympic Garden are about 1.385 billion yuan, the advances to Guangdong Shanshui Zen Forest are about 1.156 billion yuan, the advances to Guangzhou Olympic Sheng are about 2266 million yuan, and the advances to Shanghai Olympic Exchange are about 856 million yuan. The advance to Chengdu Olympic Garden is about 837 million yuan.
With regard to the reasons for providing financial assistance, the China Olympic Park said that the entities are investment holding companies or project companies of project companies, mainly engaged in land development and construction in China.
The Group has agreed with other joint venture partners of the relevant entities that each joint venture partner shall provide funds to the entity as a percentage of their respective shareholdings for the acquisition of land use rights and for future land construction and property development costs. The company has a positive attitude towards the prospects of property development projects in various entities.
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