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Jul 06th
Market News > Must Read News > RMB 84 Mln Loan Guarantee Provided for Jiangyin Shenda Property Investment

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RMB 84 Mln Loan Guarantee Provided for Jiangyin Shenda Property Investment PDF Print E-mail

(600401) JIANGSU SHENLONG HI-TECH GROUP CO.,LTD

At the 20th Meeting of the 3rd Board of Directors held on 25 Apr 2008, the board of directors approved the company to provide a five-year guarantee on an RMB 84 mln loan from Bank of China, Jiangyin sub-branch for Jiangyin Shenda Property Investment Co. Ltd using housing and land use rights of Jingjiang International Hotel Co. Ltd as collateral.

On 25 Apr 2008, Shenda Group Co. Ltd signed an agreement with the company to provide a counter guarantee for the abovementioned guarantee of the company.

As of the date of this announcement, the company and its subsidiaries had cumulatively guaranteed RMB 459,334,900, accounting for 142.36% of the audited net assets of the company and the guaranteed amount of overdue loans was RMB 320 mln.

Board of Directors
28 Apr 2008

CN01/DM/BT/GB

 
 

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