Parkson Retail Group's (HKG:3368) subsidiary Nanning Brilliant Parkson Commercial agreed to renew its tenancy for a certain property in a tower building in the Chinese city of Nanning with Nanning Holding, a Wednesday Hong Kong bourse filing said.
Nanning Parkson has been occupying parts of level LG1 to level 7 of Tower D of INCITY located at the intersection of Chaoyang Road, Minsheng Road, Gonghe Road, and Minzu Avenue for its retail business since 2004. As the term of tenancy is coming to an end on Dec. 31, the parties have opted to renew the tenancy.
The term of the renewed agreement starts from Jan. 1, 2025, and lasts until Nov. 27, 2042. Nanning Parkson will pay a fixed monthly rent varying with the progression of the tenancy from 2.7 million yuan to 3.2 million yuan, and a certain portion of the profits before tax generated from the property.
The property will be used mainly as a department store along with the provision of catering, cinema, entertainment, supermarket, bowling alley, fitness center, billiard room, business activity centers, and other similar services on the premises.
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