Hanfort Development Holdings Limited (stock code: 00361; formerly Sino Golf Holdings) disclosed that its indirect wholly owned unit, Hio Pro (Vietnam) Sporting Goods, executed a lease agreement on 13 March 2026 with Huashuo Vietnam Joint Stock Company for two single-storey factory buildings under construction in Nam Cau Kien Industrial Park, Hai Phong City, Vietnam.
The premises span a provisional 10,244 m² and will be used for manufacturing golf-related products. The fixed lease term is 12 years commencing no later than 31 October 2026, with an option to renew subject to six months’ prior notice.
Rental profile • Total contractual rent over the term: approximately USD7.23 million (HKD56.39 million). • Annual progression: – Years 1–4: USD48,659 per month (USD4.75/m²). – Years 5–8: USD51,220 per month (USD5.00/m²). – Years 9–12: USD53,781 per month (USD5.25/m²). • A three-month rent-free period applies from hand-over. • The tenant may prepay four years’ rent at a discounted rate of USD4.25/m², totalling USD2.09 million. • Payments are settled quarterly in VND, translated from USD at Vietinbank’s specified exchange rates.
Additional financial terms • Security deposit: USD0.29 million (HKD2.28 million), equal to six months’ rent, payable in two instalments. • Estimated right-of-use asset: USD5.56 million (HKD43.36 million), calculated as the present value of lease payments discounted at 4.5% per annum under HKFRS 16.
Listing Rules classification Based on the applicable percentage ratios, the lease constitutes a discloseable transaction (5%–25% range) under the Hong Kong Listing Rules, requiring announcement but not shareholder approval.
Strategic rationale Management highlighted the site’s proximity to existing facilities, adequate infrastructure and suitable layout as drivers for the decision. Rent will be funded through internal resources. The board, including independent non-executive directors, considers the terms fair, reasonable and in the interests of shareholders.
Counterparties • Lessee: Hio Pro (Vietnam) Sporting Goods Company Limited, indirectly wholly owned by Hanfort Development and engaged in golf equipment manufacturing. • Landlord: Huashuo Vietnam Joint Stock Company, a Vietnam-incorporated real-estate entity majority owned by independent third parties.
No directors hold a material interest in the transaction, and none abstained from voting on the board resolution approving the agreement.