Shanghai Industrial Holdings (HKG:0363) said its indirect non-wholly-owned subsidiary Change Shanghai agreed to lease 12 floors of a Shanghai building from SPH New Asia Pharmaceutical for up to 15 years.
The property, located in Changning District, Shanghai, has a gross floor area of about 10,359 square meters and will be used to operate residential apartments under the SIUD Group's brand, according to a Thursday Hong Kong bourse filing.
Annual rent will be 7.34 million yuan for the first five years, 7.56 million yuan for years six to 10 and 7.79 million yuan for years 11 to 15. The lease will be renewed every three years. It also includes the free use of 12 underground parking spaces.