News Column

Glorious Property Financed CNY700mn via Zhongrong Trust

May 23, 2014

HONG KONG, May 23, SinoCast -- More listed land developers financed through trusts this year.

Glorious Property Holdings Ltd. (SEHK: 0845) and its wholly-owned subsidiaries signed a cooperation agreement to finance at most CNY 700 million renminbi through Zhongrong International Trust Co., Ltd.Zhongrong International Trust will establish a trust plan for Shanghai Hengran, in which Glorious Property and Shanghai Ranjuan each controls a 35% and 65% stake.

According to the cooperation agreement, four agreements, including a stake transfer one, a capital injection one, an equity one and a debt consolidation one, have been sealed.

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Source: Sinocast Construction & Real Estate Beat (China)

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