Summary by Moomoo AI
China Vanke Corporation (referred to as "Vanke") announced on October 18, 2024, to meet operational needs, the company and its controlling subsidiaries provided guarantees for bank loans. In accordance with the authorization of the 2023 shareholders' meeting, Vanke's total additional guarantee for controlling subsidiaries and other financial businesses shall not exceed RMB 150 billion. The CEO has agreed to this guarantee, including Qingdao Wanchuangheping Commercial Development Co., Ltd. and Guangdong Xinghua Industrial Co., Ltd. providing asset mortgage guarantees for Vanke's related loans. As of September 30, 2024, Vanke's total external guarantee amount is RMB 109.736 billion, accounting for 43.76% of the company's net assets belonging to shareholders of listed companies at the end of 2023 as audited. The announcement mentioned that this guarantee will help support the company's operational development, with controllable risks, and no situations that would damage the company and shareholder interests.
