HLGE

AcronymDefinition
HLGEHigh Level Group of Experts (European Commission, European Union)
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In the event the interest rate charged on external funds utilized by China Yuchai for their investment in HLGE is increased, the Company has a right to negotiate with HLGE with a view to agreeing on an increase in the interest rate payable by HLGE under the 2013 Loan Agreement subject to compliance with certain regulatory requirements.
The Company s Board of Directors approved the Loan extension after taking into account (i) the continued challenges facing HLGE s hospitality operations in China from increasing competition and the slowdown in China s economy which impacted on its results; (ii) the weak financial position of HLGE and its difficulties in obtaining financing from financial institutions, (iii) the need to provide continuing support to HLGE to allow it sufficient time to dispose of its non-performing assets in an orderly manner to repay the Loan, and (iv) continued efforts being made by HLGE to explore opportunities to grow its earnings base and improve its cash flow.
China : China Yuchai International Extends Loan Agreement with HL Global Enterprises Limited
Under the terms of conditional sale and purchase agreement (SPA), HLGE will sell its entire shareholding interest in the subsidiary holding its hotel properties in China to affiliate of Jingrui Holdings Limited, which is engaged in the core business of residential property development in China.
China Yuchai International Limited's HLGE to divest CNY550m hotel properties in China
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