Glonghui, December 23 | Yuexiu Real Estate (00123.HK) announced that on December 23, 2024, the company (as the borrower) entered into a financing agreement with a bank. Under the terms and conditions of the financing agreement, the lender provided HK$0.5 billion term loan financing in two instalments: the first batch amount was HK$0.15 billion, and the second instalment amount was HK$0.35 billion. The loan period for the first batch of loans was 18 months from the date of first withdrawal, and the loan period for the second batch was 12 months from the date of the first withdrawal. Subject to the relevant provisions of the financing agreement, the loan period for the second batch of loans will be changed to 18 months from the date of initial withdrawal.
The financing agreement stipulates that if the controlling shareholder of the company, Yuexiu Enterprise (Group) Co., Ltd. (“Yuexiu Enterprise”) holds less than 30% of the company's issued voting shares, or if Yuexiu Enterprise ceases to be the single largest beneficial shareholder of the Company, or if Yuexiu Enterprise ceases to exercise effective management control over the Company, it shall constitute a breach of contract. In the event of relevant default, the lender may declare that all debts under the financing agreement will be immediately due and payable. As of the announcement date, Yuexiu Enterprise Benefit owns a total of about 44% of the company's issued share contracts.
