Agile Group Holdings Ltd.'s Zhongshan Yajing Real Estate Development Co. Ltd. subsidiary agreed to provide an approximately 284.0 million-yuan loan to the entity overseeing the development of a joint project in Zhongshan, China.
Aside from the loan, Zhongshan Yajing also granted Zhongshan Shiguang Chuangjian Industrial Co. Ltd. the right to use the Agile brand for the marketing of the project that it is developing related to the Aug. 31 loan deal.
A 34.5 million-yuan portion of the total loan was already provided to Zhongshan Shiguang pursuant to a cooperation agreement signed March 24, 2017. Meanwhile, the remaining amount of roughly 249.5 million yuan will be provided within five working days after the signing of the latest agreement.
The Haitang project is one of the eight property developments that Agile group agreed to co-develop through joint ventures held via Zhongshan Yajing. Three other developments — Yadu, Dongcheng and Hehua — were grouped together with Haitang at the signing of the joint venture deals for the project in May.
As of Aug. 31, US$1 was equivalent to 6.83 yuan.