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ZH Int'l Hold (00185) secures RMB1.74B loan to buy land
14 Sep 2018
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(Infocast News) ZH International Holdings (00185) has made a successful bid for the land use rights of a land parcel in Zhengzhou City, Henan Province, the PRC through listing-for-sale process in an auction held by Zhengdong New District Bureau of Land and Resources Bureau of Zhengzhou City for transfer of state-owned land use rights at a consideration of RMB1.74 billion.
Located at south of Longhu Neihuan East Road, east of Chunlei Street, Zhengdong New District, Zhengzhou City and designated for residential use for 70 years, the land parcel has a site area of 45,504.68 square metres and permitted plot ratio between 1.0 and 1.7.
Zensun Real Estate, a company ultimately controlled by Ms. Huang Yanping (a director and the controlling shareholder of ZH International Holdings), has agreed to provide, upon ZH International Holdings' request, unsecured loan(s) of RMB1.74 billion for the land parcel, with discretionary right on Zensun to demand immediate repayment.
Such loan(s) will be available for drawdown in accordance with actual needs at an interest rate of no more than 4% per annum on the loan(s) actually drawndown. The proceeds from the financial assistance will be used to finance the acquisition and the development of the land parcel.
(WL)
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