Universal Technologies Holdings' (HKG:1026) subsidiary Guangzhou Hengxin Yuxuan Industrial Development agreed to lease certain premises in Guangzhou, China from the general office of the Guangdong Provincial Committee of the Communist Party of China, a Monday bourse filing said.

The premises include retail and commercial properties with a gross floor area of 8,944 square meters in the Dongshan Jinxuan Modern Mall situated at Nos. 4 and 6 Nonglinxia Road, Yuexiu District, Guangzhou, China.

The term of the lease is five years starting from Jan. 1. The monthly rent is set at 686,712 yuan for the first year and thereafter a 3% annual increment will be applied for the remaining years.

The tenant plans to use the premises for the commercial property leasing business of the group.

The shares of the investment holdings company plunged nearly 11% on Tuesday's close.

Price (HKD): $0.13, Change: $-0.015, Percent Change: -10.71%