Housing Finance NetworkOn December 29, Gemdale Group issued an announcement on providing guarantee for Gemdale Real Estate Management.
On December 28, Gemdale Group held a meeting of the board of directors and passed the relevant proposals on the transfer of equity in Shenzhen Huanwan City project. Gemdale Group transferred its 51% stake in the Huanwan City Project Company to its second shareholder, Futian Investment Holdings.
At the same time, Futian Investment Holding issued shareholder loans to the project company to repay the shareholder loans of Gemdale Group.
Gemdale said that in order to promote the smooth development of the construction of the Huanwan City project, all parties agreed that the project company would entrust Gemdale Group and its wholly-owned subsidiary, Gemdale Real Estate Management, to manage the whole process of the Huanwan City project.
In order to ensure that the "actual cost of the Huanwan City Project" of the Huanwan City Project does not exceed the "target cost of the Huanwan City Project", Gemdale Group set up a pledge guarantee for accounts receivable for Futian Investment Holding with an amount of RMB 577.83 million receivable from the project company, as well as 340301 square meters of office relocation property to provide transfer guarantee for Futian Investment Holdings.
It is estimated that the guarantee amount will not exceed RMB765 million, and the guarantee period will expire within one year from the date of completion and acceptance of the construction projects under construction on all plots of the Huanwan City Project and the receipt of the acceptance of the construction project has been obtained.
As of the disclosure date of this announcement, the balance of Gemdale Group's external guarantee was 1239.5 billion yuan, accounting for 1900%。Among them, 742.4 billion yuan, and the balance of guarantees provided to associates and joint ventures was 497.1 billion yuan.
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