Summary by Futu AI
On July 18, 2024, China Vanke announced that its wholly-owned subsidiaries Shenzhen Jiuzhou Real Estate Development Co., Ltd. and Chongqing Xipan Property Co., Ltd. respectively held land as collateral for banks, providing a total of RMB 14.728 billion in guarantees for Vanke's bank financing matters. This move is based on the authorization resolution of the 2023 shareholders' meeting, which agreed that the total amount of new guarantees provided by the company and its holding subsidiaries to external parties shall not exceed RMB 150 billion. Vanke stated that this guarantee will help meet the company's operational development needs and the risks are controllable. As of June 30, 2024, the company's total external guarantees will reach RMB 76.648 billion, accounting for 30.56% of the audited net assets attributable to the shareholders of the listed company at the end of 2023.