Brief: Vanke Property Overseas enters facility letters which were granted in favor of Ultimate Vantage

Vanke Overseas Investment Holding

11/08/2016 15:18

Aug 11 (Reuters) - 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 
 
* Source text for Eikon  ID:nHKSb0WwhH  
 
* ((Further company coverage:  1036.HK )) 
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