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Sunshine 100 units agree to provide up to 600M-yuan loan to Chinese developer

Sunshine 100 China Holdings Ltd.'s Sunshine 100 Real Estate Group Co. Ltd. and Beijing Sunshine 100 Real Estate Group Co. Ltd. subsidiaries agreed to provide an up to 600 million yuan loan to Wenzhou Zhongxin Haoyuan Investment Co. Ltd.

The two-year financial assistance guaranteed by Chongqing Shihe Tongsheng Investment Co. Ltd. and Sichuan Zhonghang Haoyuan Investment Co. Ltd. is subject to an annual interest rate of 12%.

Wenzhou Zhongxin, which is 49%-owned by Sunshine 100, is borrowing the amount to finance the development of its own projects and for other purposes approved by Sunshine 100 Real Estate and Beijing Sunshine 100 Real Estate, the Hong Kong-listed developer noted in a filing.

As of Dec. 17, US$1 was equivalent to 6.90 yuan.