Bright Real Estate(SH:600708) Shang Hai Zheng Quan Bao·2025-09-29 21:16Core Viewpoint - The announcement details the external guarantee situation of Bright Real Estate Group Co., Ltd., highlighting the total amount of guarantees provided and the associated risks, particularly concerning the company's financial health and the implications of high leverage among subsidiaries [2][4][14]. Summary by Sections External Guarantee Total and Internal Decision-Making Procedures - The total external guarantee amount approved for 2024 is RMB 254 billion, with a review scheduled for the next annual shareholders' meeting [2][5]. - During the reporting period from August 1 to August 21, 2025, the company provided external guarantees totaling RMB 0.2745 billion [3][11]. Guarantee Details - No related guarantees or overdue guarantees were reported during the period [3][16]. - The total external guarantees as of August 21, 2025, amount to RMB 97.15 billion, representing 98.80% of the company's latest audited net assets [4][14]. - Guarantees provided to subsidiaries with an asset-liability ratio exceeding 70% total RMB 76.75 billion, accounting for 78.06% of the company's net assets [4][14]. Breakdown of Guarantees - The company has provided guarantees to 25 subsidiaries, with 22 being controlling subsidiaries and 2 being joint ventures, totaling RMB 200 billion approved in June 2024 [5][6]. - The guarantees for subsidiaries with an asset-liability ratio above 70% amount to RMB 137.08 billion, while those below 70% total RMB 37.17 billion [5][8]. Adjustments to Guarantee Amounts - Adjustments to guarantee amounts were made during board meetings in 2025, reflecting the company's operational needs while keeping the total guarantee amount unchanged [10][11]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable for the normal operations of the subsidiaries, with the board assessing the repayment capabilities of the guaranteed entities [13].