China Vanke (02202) announced that in order to meet its operational needs, the company has applied for a loan from the Bank of Communications Shenzhen Branch (Bank of Communications). The company's holding subsidiaries provide guarantees for the relevant loans by pledging the equity of project companies held, or mortgaging project assets. In addition, some holding subsidiaries act as joint borrowers and share the repayment obligations with the company.
The company signed a general credit agreement with the Bank of Communications to obtain a credit line of RMB 5.736 billion. Among them, the company, as the main debtor, and 20 project companies such as Beijing Zhonglian Mingzhu Cultural Investment Co., Ltd. (Beijing Zhonglian Mingzhu) as joint borrowers, borrowed a total of RMB 5.736 billion from the Bank of Communications, with a term of 15 years. The company's holding subsidiaries provide guarantees for the loan by pledging the equity of project companies held, or mortgaging project assets.
The company, as the main debtor, and three project companies such as Shanghai Yangtze River Aviation Ground Services Co., Ltd. (Shanghai Yangtze River) as joint borrowers, borrowed a total of RMB 0.945 billion from the Bank of Communications with a term of 15 years. The company's holding subsidiaries provide guarantees for the loan by pledging the equity of project companies held, or mortgaging project assets.