Core Viewpoint - 百盛集团 announced the termination of a lease agreement for a property in Guiyang, China, effective from March 29, 2024, due to the inability to commence renovation work, which is necessary for the lease to take effect [1] Group 1: Lease Termination Details - The lease termination agreement involves a sub-tenant and is set to take effect from November 30, 2025 [1] - The termination will require the company to derecognize the property as a right-of-use asset, amounting to approximately RMB 51.2 million [1] - The lease agreement was originally set to start from the date of property renovation, which has not commenced due to objective reasons [1] Group 2: Implications of the Termination - The board of directors believes that the inability to proceed with the renovation has hindered the sub-tenant from operating its department store at the property [1] - The relevant property is located at Longgang International Center, No. 117 Zhonghua Middle Road, Guiyang, Guizhou Province, China [1]
百盛集团(03368.HK)：就贵州贵阳物业订立租约终止协议