Yuexiu Property (HKG:0123) signed an agreement to secure a loan worth HK$600 million from a certain bank, a Thursday filing with the Hong Kong Exchange said.

The loan will be made available to the real estate company for 12 months from the drawdown date.

As per the deal, a default will happen if the shareholding of controlling stakeholder Yue Xiu Enterprises (Holdings) in the issued voting shares of the company falls below 30%, if it stops being the single largest shareholder of the company, or if it loses its management control over the company.

The property company's shares closed over 7% higher on Thursday.

Price (HKD): $4.38, Change: $+0.29, Percent Change: +7.09%