Core Insights - The company has entered into a six-year master lease agreement with Shenzhen Anju Leyu Development & Construction Co. Ltd, a state-owned partner, for its Technology Center project [1][2] - This partnership is expected to de-risk the project by ensuring a government-backed counterparty, which enhances payment security and reliability [2][4] Project Details - The agreement pertains to dormitory facilities in the Technology Center project located in Bao'an District, consisting of approximately 456 units across 24,000 square meters, with completion expected in 2026 [3] - The project is currently under construction [3] Financial Projections - The master lease agreement is projected to generate approximately RMB 18 million in stable annual rental income upon full occupancy [5] - There is a significant demand for subsidized housing, evidenced by a waiting list of over 80,000 applicants, which is expected to lead to quick occupancy after delivery [5] - The local government subsidizes 70% of rental costs, enhancing the agreement's robustness and ensuring long-term tenancy viability [5] Strategic Benefits - The partnership is anticipated to yield higher-than-market occupancy rates and a significantly shortened lease-up timeline, contributing to revenue stability and reduced operational risks [4][5] - The projected revenue yield is competitive with market-rate leasing due to the stability provided by this partnership and lower lease-up costs [5]