Shares of Yuexiu Property (00123) rallied 7.11% on November 7th, after the company's subsidiary Leading Affluence secured a HK$500 million revolving loan facility from an unnamed bank for a three-year term.
The loan agreement stipulates that Yue Xiu Enterprises, Yuexiu Property's controlling shareholder, must maintain at least 30% voting shares in the company and remain the single largest shareholder with effective management control. Failing to meet these conditions would trigger an immediate repayment of the loan.
In a filing with the Hong Kong bourse, Yuexiu Property disclosed that Yue Xiu Enterprises currently holds around 44% of the company's issued shares, satisfying the loan conditions. This sizable loan facility is expected to bolster Yuexiu Property's financial position and support its future operations and expansion plans, driving investor sentiment and the stock's surge.
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