Guangdong Land (HKG:0124) unit Guangdong Yuehai Land reduced its office space at the Teem Tower in Guangzhou, China, according to a Sunday filing with the Hong Kong Exchange.

Guangdong Yuehai Land will now only lease the 44th floor of the tower complex from Jan. 18, 2025, until Dec. 31, 2026, according to the filing.

The unit used to rent both the 44th and 45th floors of the building, as well as a unit on the 43rd floor until the previous lease expired Dec. 31, 2024, the filing said.

Guangdong Land said the reduction comes with the "group's current reduced demand for office space and in order to save cost for leasing office space," the filing said.