Financial Wire

China Jinmao Unit Enters Loan Framework Contract with Shareholders

-- China Jinmao (HKG:0817) unit Chengdu Quanmao Real Estate entered into a three-year framework agreement to provide loans to two of its shareholders, according to a Thursday filing with the Hong Kong bourse.

The amount of loans to be provided to Beijing Fangxing Yicheng Property and Chengdu Jingkai Urban Renewal Construction and Development will be in proportion to their respective 51% and 49% shareholding in Chengdu Quanmao Real Estate.

The detailed terms of the loans will be mentioned in separate agreements to be entered into between the parties.

The provision of loans will allow the subsidiary to reduce its level of idle cash and the group to meet the development and financial needs of its development projects.

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