Property manager and developer Agile Group Holdings Ltd. has agreed to act as guarantor to two loan facilities totaling 4.10 billion yuan provided by separate lenders to Wuhan Changkai Property Development Co. Ltd., a 50/50 joint venture between a unit of the company and Zhongying Changjiang International New Energy Investment Co. Ltd.

The first loan agreement involves a 2.70 billion-yuan, three-year loan facility, with an interest rate of 6.6% per year, maturing Nov. 16, 2019. Wuhan Changkai will use 2.40 billion yuan from the funds to repay an existing loan, while 300.0 million yuan will be channeled toward the provision of a loan to Zhongying Changjiang.

Meanwhile, a 1.40 billion-yuan, three-year loan will be borrowed at a rate of 7.1% per annum, with maturity set for Sept. 29, 2020. The facility will fund the construction of the first phase of the Agile International Garden development project in Wuhan, China, on a roughly 406,582.82-square-meter site area, with a permitted plot ratio between 1.0 and 1.97.

As of March 27, US$1 was equivalent to 6.28 yuan.