Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
HGSH > SEC Filings for HGSH > Form 8-K on 15-Oct-2013All Recent SEC Filings

Show all filings for CHINA HGS REAL ESTATE INC.



Entry into a Material Definitive Agreement, Creation of a Direct Finan

Item 1.01. Entry into a Material Definitive Agreement.

On August 23, 2013, China HGS Real Estate, Inc., a Florida corporation (the "Company" or the "Borrower") entered into a project finance loan agreement (the "Loan Agreement") with China Construction Bank, Hanzhong Branch (the "Lender") for a working capital loan (the "Loan"). The Loan has a three-year term in the principal amount of RMB150 million (equal to approximately USD $24 million) at an interest rate, which is 5% over the benchmark interest rate, adjustable every twelve months from the date of the loan. The purpose of the loan is for the development of the Company's Mingzhu Beiyuan project. The repayment of the loan is due and payable based on sales progress on the Mingzhu Beiyuan project and fixed milestone dates. The loan is pledged by the Company's real estate properties in the Mingzhu Beiyuan project. The Loan is also subject to certain other customary terms and conditions as set forth therein.

The foregoing description of the Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the English translation of the Loan Agreement, which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

No.         Description
10.1        English Translation of Loan Agreement dated August 23, 2013 by and
            between the Borrower and the Lender.

  Add HGSH to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for HGSH - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.