Wancheng Holdings provided a loan of 159 million yuan to Longguang to participate in the development of the Huizhou project.

Published: Sep 15, 2020 10:03

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[Wancheng Holdings provides 159 million yuan loan to Longguang to participate in Huizhou project development] on September 14, Wancheng Holdings Co., Ltd. disclosed that the company's indirect wholly-owned subsidiary Huizhou Wancheng Enterprise Management and Planning Co., Ltd. granted Shenzhen Longguang Real Estate Co., Ltd. a loan of about 159 million yuan (equivalent to about HK $179 million). The permitted use of the loan is to cover the land acquisition costs related to the property development project in Tongqiao Town, Zhongkai High-tech Zone, Huizhou City.

SMM: September 14, Wancheng Holdings Co., Ltd. notice disclosed that the company's indirect wholly-owned subsidiary Huizhou Wancheng Enterprise Management Planning Co., Ltd. awarded Shenzhen Longguang Real Estate Co., Ltd. the principal amount of about 159 million yuan (equivalent to about 179 million Hong Kong dollars) loan. The permitted use of the loan is to cover the land acquisition costs related to the property development project in Tongqiao Town, Zhongkai High-tech Zone, Huizhou City.

It is understood that Longguang acquired the site in September 2020 and set up a project company to develop the site. At the date of the announcement, the application for the ownership document of the site is still in progress. Wancheng Holdings is planning to work with Longguang to develop the project by acquiring a 30 per cent stake in the project company. Wancheng Holdings will benefit from the opportunity to participate in the development of the project through this loan contract.

According to the official website of Wancheng Holdings, it is a property developer focusing on the development of residential properties as well as supporting facilities such as shops, clubs and kindergartens. Focus on the development of Huizhou in Guangdong and other areas of China with development potential, such as Tianjin and Zhumadian, Henan Province. While developing and managing properties, selectively acquire properties that have been developed by other companies and have a potential return on investment, and lease or renovate the relevant properties for sale.

As of September 30, 2018, Wancheng Holdings has 17 development projects in Guangdong-Hong Kong-Macau Greater Bay Area, Tianjin and Henan, with a total land use right of about 896800 square meters and a total construction area of about 2.1033 million square meters of land reserve.

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