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Beijing North Star guarantees 560M yuan of 1.4B-yuan loan

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Beijing North Star guarantees 560M yuan of 1.4B-yuan loan

Beijing North Star Co. Ltd. agreed to provide a guarantee amounting to 560 million yuan for an up to 1.4 billion-yuan loan secured by Wuxi Shengyang Real Estate Co. Ltd.

The guarantee, which will have a term of two years, is proportionate to the 40% stake that the Chinese real estate developer indirectly owns in Wuxi Shengyang.

Beijing North Star entered into the guarantee agreement June 15 with the Wuxi Huishan sub-branch of the Agricultural Bank of China Ltd.

As of June 14, US$1 was equivalent to 6.40 Chinese yuan.