China’s richest woman Yang Huiyan, the co-chairman of one of China’s largest property developers Country Garden Holdings, has dipped into her own pocket to provide a financial lifeline to the developer, just weeks after selling part of her stake in the company’s property-management unit, reports the South China Morning Post.
A private company owned by Yang Huiyan has lent Country Garden HK$5.055 billion ($647 million) without charging interest or asking for security, according to a filing with the Hong Kong stock exchange on Tuesday night. The amount matches the proceeds from Yang’s sale of part of her stake in Country Garden Services Holdings earlier in December.
The filing shows that Country Garden has signed the interest-free loan agreement with Concrete Win Limited to support its operation and development. The loan has an initial term of three years and one month, which may be extended by both parties in writing before expiry, the filing said.