Parkson Retail Unit Renews Chengdu Property Lease Through 2047; Shares Lose 4%
MT Newswires Live
Nov 07
Parkson Retail Group's (HKG:3368) wholly owned unit Sichuan Parkson has renewed the tenancy of its Chengdu retail property through September 2047, according to a Thursday Hong Kong bourse filing.
Shares of the retailer were down over 4% in Friday morning trade.
The agreement with landlords Sichuan Tairan, Sichuan Kedi, and Chengdu No.1 covers the property the company has occupied since 2006.
A supplemental agreement was also signed for a specific unit at the same site, with identical terms.
The lease renewal will be recognized as an acquisition of a right-of-use asset valued at about 251.8 million yuan, Parkson said.
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