China New Town Assists Joint Venture Financially

China New Town Development Co. Ltd. (HK:1278) has released an update.

China New Town Development Co. Ltd. has entered into a financial agreement, providing a short-term loan of RMB10 million to a joint venture at 7% interest, which was fully repaid within three months. Additionally, the company has approved RMB35 million in financial assistance to help the joint venture repay overdue loan obligations, with the initial payment executed and the interest rate set at 5.88%. This financial assistance constitutes a discloseable transaction under the Listing Rules, as it exceeds the 5% threshold but remains below 25%, necessitating reporting and announcement requirements.

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