China Everbright Bank to Bring Xin Everbright Center Project Back On Balance Sheet

MT Newswires Live12-22 11:13

China Everbright Bank (HKG:6818, SHA:601818) plans to bring the Xin Everbright Center project back onto its balance sheet to comply with regulatory requirements, without extending new credit.

The project, funded in 2015 and 2016 before China's asset management rules took effect, has an outstanding balance of 3.82 billion yuan and is backed by property and equity pledges valued at about 7.6 billion yuan.

Borrowers Beijing Huaheng Xingye Real Estate Development and Beijing Huahengye Real Estate Development are indirectly controlled by China Everbright Group, making the deal a related-party transaction.

Shares of the bank were down 1% in recent trade.

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