New Century Group Hong Kong (HKG:0234) unit ETC Finance agreed to grant a mortgage loan worth a total of HK$30.2 million to three borrowers for a 12-month term, a Friday Hong Kong bourse filing said.
The loan, granted to Y. K. Audio, Chan Ying Kwong, and Chan Tak Wai, Daisy, carries an 11% per annum interest rate.
Proceeds will be used to fully settle a previous loan of the same amount obtained by the borrowers from the money lender.
A first legal charge over multiple properties was pledged as security against the loan.