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Central China Real Estate provides guarantee for 400M yuan loan

Central China Real Estate Ltd. subsidiary Central China Real Estate Group (China) Co. Ltd., or CCRE China, entered a deal with Ping An Bank Co. Ltd. to provide guarantee for a 400 million yuan loan.

The loan will be granted by the bank to Zhengzhou Central China Tihome Real Estate Ltd., which is jointly controlled by CCRE China and Henan Tihome Real Estate Co. Ltd.

The loan was provided for the development of the Metropolis project that is deemed to be beneficial to Central China Real Estate.

The three-year loan will have an interest rate 47.37% higher than the benchmark interest rate published by The People's Bank of China. The company has agreed to provide the guarantee in favor of the bank as security for the repayment obligations of Zhengzhou Central China Tihome.

As of May 18, US$1 was equivalent to 6.38 yuan.