Core Viewpoint - Hang Lung Group is making a significant investment in the luxury market of Hangzhou by signing a major leasing contract for the Hangzhou Department Store, indicating a strategic move to strengthen its presence in the high-end retail sector [2][5][11]. Group 1: Leasing Agreement Details - The leasing contract involves the property located at 546 Yan'an Road, Hangzhou, with a total area of approximately 42,000 square meters, set to be leased to Hang Lung Business Operation (HK) Limited for 20 years starting from April 1, 2028 [5][6]. - The rental fee is set at RMB 37.5 million per quarter, with a 4.5% increase every three years, amounting to a total rental payment of over RMB 3 billion over the 20-year period [5][8]. - The rental agreement includes a rent waiver for the first two years, allowing for three months of rent to be waived each year [5][6]. Group 2: Market Context and Competition - The luxury retail market in Hangzhou is competitive, with established players such as Hangzhou Tower, Hangzhou MixC, and Lakeside Yintai in77, all of which have reported significant sales figures [14][16][18]. - Hangzhou Tower achieved sales of RMB 14 billion in 2023, while Hangzhou MixC reported sales of RMB 11.2 billion in the same year, indicating a robust luxury market [16][18]. - The upcoming Hang Lung Plaza, located near the leased property, is expected to create a combined luxury retail space of over 300,000 square meters, further intensifying competition in the area [11][29]. Group 3: Strategic Implications for Hang Lung - Hang Lung's decision to invest heavily in Hangzhou reflects its confidence in the city's economic potential, driven by a strong consumer base and a favorable business environment [31][35]. - The company has a history of successful operations in mainland China, with a significant portion of its revenue derived from retail leasing, which underscores its strategic focus on high-end commercial properties [30][35]. - The expansion in Hangzhou is part of a broader strategy to enhance its market position in key cities, leveraging its existing assets and brand reputation to capture a larger share of the luxury retail market [35].

股票代码：600865 股票简称：百大集团 编号：临 2025-034 百大集团股份有限公司 关于签署重大租赁合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 风险提示： 本次出租期限较长，存在标的物业因城市规划、政策调整等原因被依法征收、征 用，或者交易对手方经营状况发生不利变化以及其他不可抗力等因素，导致合同 不能正常履行或提前终止的风险。 一、交易概述 给浙江银泰百货有限公司运营管理至 2028 年 2 月 29 日。公司拟在委托管理期限届满后， 将杭州百货大楼所在物业出租给 Hang Lung Business Operation (HK) Limited（以下简 称"承租方"），用于经营商业服务用途。 同的议案》，公司并于 2025 年 7 月 10 日召开第十一届董事会第十三次会议，全体董事一 致审议通过了该议案。同日，公司与 Hang Lung Business Operation (HK) Limited 签署 《杭州百货大楼租赁合同》（以下简称"《租赁合同》"）及相关许可协议。 ...