China Fortune Land to provide guarantees for subsidiaries

China Fortune Land Development (SSE:600340) announced it will seek shareholder approval at its first extraordinary shareholders' meeting of 2025 to provide guarantees for its subsidiaries. The move aims to expedite the completion of "project delivery" (保交楼) initiatives. Specifically, the guarantees will support subsidiaries obtaining special loans. 香河经纬房地产开发有限公司 would provide guarantees up to CNY 1,492.77, 霸州市前华房地产开发有限公司 up to CNY 3,333.37, and 廊坊京御房地产开发有限公司 up to CNY 8,691.67. As of December 31, 2024, China Fortune Land and its subsidiaries’ total external guarantees amounted to CNY 132.079 billion.