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CHINA Yuanbang Holdings Limited announced yesterday that its wholly owned subsidiary, Guangdong Yuanbang Real Estate Development Co Ltd, has obtained a bank loan of 320 million yuan (S$68 million) for a tenure of three years from the Bank of China, Guangzhou branch.
The amount will be used for the development of the Wenchang Project, a mixed development project located in Guangzhou city.
The company, a Guangzhou-based property developer that focuses on the development of residential and commercial properties targeted at the middle to upper-middle income segment, does not expect the loan to have any material impact on its net tangible assets or earnings per share for the financial year ending June 30, 2009. Yuanbang closed yesterday down 10 per cent at 13.5 cents.
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