China Yuanbang eyes property deals with loans to firms worth 172m yuan

Singapore

CHINA Yuanbang Property Holdings said it had loaned a combined 172.1 million yuan (S$33.3 million) to two companies at 16 per cent per annum interest in order to eventually participate in their property development projects.

It had loaned 148.6 million yuan to Guangzhou Jiadi Xindu Development Co, an independent third party, and 23.5 million yuan to Kaiping Qingshi Auto Parts Co, which is 30.6 per cent owned by China Yuanbang's executive director Zhou Jiangtao, the company said in response to queries from the Singapore Exchange (SGX).