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Vanke Property Overseas Ltd (1036.HK)

1036.HK on Hong Kong Stock

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Latest Key Developments (Source: Significant Developments)

Vanke Property Overseas enters facility letters which were granted in favor of Ultimate Vantage<1036.HK>
Thursday, 11 Aug 2016 10:18am EDT 

Vanke Property Overseas Ltd <1036.HK>: Major transaction - provision of financial assistance to the joint venture company <1036.HK> . Company as a guarantor entered into the facility letters which were granted in favor of the joint venture company . Joint venture company is owned as to 20% by wkdeveloper and 80% by the jv partner subsidiary . Letters granted for the purpose of issuing finance undertakings to support the pre-sale application of the tw6 project. . Jv company is owned as to 20% by wkdeveloper, an indirect wholly- owned subsidiary of the company and 80% by the jv partner subsidiary . Will be guaranteeing an aggregate principal amount of hk$568 million pursuant to the corporate guarantees given under the facility letters . In relation to the facility letters, the company and the jv partner are required to provide corporate guarantees . Consider provision of corporate guarantees will not have material financial impact on the earnings, assets and liabilities of group . Facility letter i with hongkong and Shanghai banking corporation for facility amount up to hk$2.4 billion . Facility letter II with hang seng bank for facility amount up to hk$440 million .  Full Article

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