Yuexiu Property Co (DE:GUZA) has released an update.
Yuexiu Property Company Limited has announced that its subsidiary, Leading Affluence Limited, secured a short-term loan facility of HK$700 million from a bank, with terms lasting 364 days. The agreement stipulates that the loan may become due immediately if the company’s controlling shareholder, Yue Xiu Enterprises, ownership falls below 30% or loses management control. As of the announcement, Yue Xiu holds approximately 44% of the issued shares of Yuexiu Property.
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