China Jinmao Unit to Grant Earnest Money Loan Up to 921 Million Yuan to Real Estate Firm

MT Newswires Live

01-03

China Jinmao (HKG:0817) subsidiary Beijing Fangxing Yicheng Real Estate will grant Fuzhou Yucheng Real Estate an earnest money loan of not more than 921.2 million yuan.

The loan will have an interest rate of 6% per annum, according to a Dec. 31 filing with the Hong Kong Exchange.

Proceeds from the loan will be used to develop Fuzhou Yucheng's 60,828-square-meter land parcel in Beijing, the filing said.

Fuzhou Yucheng will pledge a 36% stake in subsidiary Beijing Zhaoxing Real Estate Development to Beijing Yicheng, the filing said.

Shares closed 2% lower during Friday's trading.

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