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.