Summary by Moomoo AI
Yuexiu Property Co., Ltd. (“Yuexiu Properties”) announced on 25 March 2024 that its wholly-owned subsidiary Hongjing Limited has entered into a financing agreement with a bank, under the terms of the agreement, which will provide HK$500 million in term loan financing with a loan period of 364 days. The financing agreement is guaranteed by Yuexiu Properties. The Agreement also provides that if the holding ratio of Yuexiu Enterprises (Group) Limited is reduced to less than 30%, or is no longer the largest beneficial shareholder, or loses management control over Yuexiu Properties, it will constitute a default event and the lender has the right to declare all debts to maturity immediately. Currently, Yuexiu Enterprises holds approximately 43.39% of the issued shares in Yuexiu Properties.