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Poly Property subsidiary secures 540M-yuan loan for Guangzhou project

An unnnamed bank is providing a 540 million-yuan loan to Guangzhou Dong Hao Real Estate Development Co. Ltd., a 55%-owned indirect subsidiary of Hong Kong-listed Poly Property Group Co. Ltd.

Two subsidiaries of Poly Property, Guangzhou Bao Qi Real Estate Development Co. Ltd. and Poly Property Group Co. Ltd., are both providing guarantees for the loan, which will be used for the third-phase renovation of an urban village development in Guangzhou.

As of May 21, US$1 was equivalent to 6.38 yuan.