Grand Baoxin Auto Group (HKG:1293) agreed to renew property lease agreements with tenant China Grand Automotive Services Group (SHA:600297), a Monday Hong Kong bourse filing said.
The group will continue to lease certain properties to China Grand Automotive Services for another three years, starting from Jan. 31, 2025, and expiring Dec. 31, 2027.
The lessee will use the said properties for office use, sale and maintenance of motor vehicles and related services, and establishing affiliates or branches.
The proposed annual cap is 8 million yuan for each of the three years of the lease term.
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