Stock Track | Fuyao Glass Shares Soar 7.37% on New Lease Deal for Properties in China

Stock Track

2024-10-18

Fuyao Glass Industry Group (HKG:3606) saw its shares surge 7.37% on Thursday after announcing a new lease agreement for properties in China's Fuyao Industrial Zone.

The glassmaker has entered into a four-year lease deal with Fujian Yaohua Industrial Village Development for a total area of 158,323 square meters in the industrial zone. The new lease, which runs from January 1, 2025 to December 31, 2028, will see Fuyao Glass pay an annual rent of 36 million yuan for the properties.

Fuyao Glass has been leasing these properties under a previous contract with Yaohua Industrial Village that is set to expire at the end of 2024. The new agreement allows the company to continue operating at its principal place of business and production base, which are located adjacent to the leased properties in the Fuyao Industrial Zone.

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