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HGSH > SEC Filings for HGSH > Form 8-K on 7-Jan-2014All 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 December 31, 2013, Shaanxi Guangsha Investment and Development Group Co., Ltd. (the "Guangsha"), the PRC operating subsidiary of China HGS Real Estate, Inc. (the "Company"), entered into a loan agreement with Mr. Xiaojun Zhu, the CEO, Chairman and major shareholder of the Company (the "Loan Agreement"), pursuant to which Guangsha shall from time to time borrow up to RMB 50 million (approximately US$8.2 million) from Mr. Zhu in order to support the Company's Liang Shan Road construction project development and the Company's working capital needs. The Loan Agreement has a one-year term at an interest rate, which is equal to the China RMB loan annual benchmark rate.

The foregoing description does not purport to be a complete statement of the parties' rights and obligations under the Amendment Agreement or the transaction contemplated thereby or a complete explanation of the material terms thereof. The foregoing description is qualified in its entirety by reference to the Amendment Agreement attached hereto as Exhibit 10.1.

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        Loan Agreement by and between Xiaojun Zhu and Shaanxi Guangsha
            Investment and Development Group Co., Ltd., dated December 31, 2013.

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