Summary by Moomoo AI
On June 5, 2024, Yuexiu Property signed a forex forward contract with its controlling shareholder, Yuexiu Enterprises, involving an amount of $350 million. This transaction is considered a related party transaction as Yuexiu Enterprises holds about 43.39% of Yuexiu Property's shares. According to listing rules, the maximum applicable percentage for this transaction exceeds 0.1% but is less than 5%, thus complying with reporting and announcement requirements, but exempt from approval by independent shareholders. Yuexiu Property stated that this move is aimed at managing forex risks associated with USD-denominated notes, and believes that the contract will reduce hedging costs, in line with the interests of the company and its shareholders. The settlement date of the contract is January 20, 2026, and early termination of the uncompleted transaction is allowed. Yuexiu Property is primarily engaged in property development and investment, while Yuexiu Enterprises and its parent company Guangzhou Yuexiu have business in multiple areas.