China Vanke (02202) announced that in order to meet the needs of its business, Vanke Enterprise Co., Ltd. (hereinafter referred to as the "Company")…
According to the announcement released by China Vanke (02202) today, the Company and its controlling subsidiary, Vanke Logistics Development Co., Ltd., have applied to banks for loans totaling RMB 2.741 billion to meet their business needs. The Company's controlling subsidiary has provided guarantees for the corresponding loans through share pledge and asset mortgage.
The Board of Directors of the Company approved the proposal "Authorization for the Company and its Controlling Subsidiaries to Provide Guarantees to External Parties" during the 2023 Shareholders' Meeting. The proposal agreed that the Company can provide guarantees for its controlling subsidiaries, and that the controlling subsidiaries can provide guarantees for banks, other financial institutions, credit business and other businesses of their mother company or other subsidiaries, with a total amount of new guarantees not exceeding RMB 150 billion during the effective period from the date of the 2023 Shareholders' Meeting resolution to the date of the 2024 Shareholders' Meeting resolution. At the same time, the Board of Directors has further delegated the decision-making power for single external guarantees with an amount less than RMB 12.5 billion to the CEO upon obtaining the authorization from the Shareholders' Meeting.