Poly Property Services (06049) published a circular disclosing a renewed Parking Space Agency Framework Agreement (Phase II) with Poly Developments and Holdings. The proposed term is three years from the date shareholders approve it at an extraordinary general meeting scheduled for 13 March 2026.

Under the arrangements, Poly Property Services will secure exclusive rights to sell and lease certain parking spaces of Poly Developments and Holdings, with deposits not exceeding 50% of the base value of each project. The maximum balance of deposits payable by Poly Property Services at any time is capped at RMB2 billion from the effective date to 31 December 2026, and the same limit applies for the years ending 2027, 2028, as well as from 1 January 2029 until the agreement terminates.

The agency service fees are derived from the difference between the actual selling or leasing prices and the base prices. The annual fee caps are set at RMB500 million for the years 2026, 2027, 2028, and RMB125 million from 1 January 2029 to the end of the agreement. The company indicated that the arrangement aims to expand its asset operation services while enhancing earnings from community value-added services.

Shareholders’ approval will be sought at the upcoming extraordinary general meeting. Poly Developments and Holdings, holding approximately 72.289% of Poly Property Services, is considered a controlling shareholder, which renders this transaction a continuing connected transaction under Hong Kong listing rules.