Jinjiang Hotel provides a guarantee of 60 million Euros for the Louvre Group

On July 1, Jin Jiang Hotel announced that on June 30, the company and BNP Paribas signed the "Guarantee Contract" for the one-year overdraft of GDL(Group du Louvre Group) with BNP Paribas for 60 million euros.

It is understood that as of December 31, 2020, GDL had total assets of 1.231 billion euros, total liabilities of 108,200 euros, total bank loans of 182 million euros, related party loans of 692 million euros, total current liabilities of 211 million euros, net assets of 142 million euros, In 2020, it achieved consolidated operating revenue of 234 million euros and net profit of -96.25 million euros.

The Company stated that the above guarantees are to meet the daily capital turnover needs of GDL, and the guarantee mode of joint and several liability guarantee provided by the Company to GDL will not damage the interests of the Company and is in line with the business needs of the Company.