PARKSON GROUP (03368) Subsidiary Terminates Property Lease Agreement

Stock News

Oct 31

PARKSON GROUP (03368) announced that on October 31, 2025, Guizhou Shenqi Parkson Commercial Development Co., Ltd. (an indirect non-wholly owned subsidiary of the company), Guizhou Longgang Commercial Operation Management Co., Ltd., and Guizhou Yuncui Property Management Co., Ltd. entered into a lease termination agreement for a property. The agreement terminates the lease contract dated March 29, 2024, effective from November 30, 2025.

The leased property comprises the basement level and floors one to four of Longgang International Center, located at No. 117 Middle Zhonghua Road, Guiyang City, Guizhou Province, China.

Under the original lease agreement dated March 29, 2024, the lease term was to commence from the start date of the property's renovation. However, due to unforeseen circumstances, the renovation work could not proceed. As a result, the lease term never began.

The board of directors concluded that since the renovation could not be carried out, sub-tenants were unable to operate their department stores on the premises. Therefore, the lease agreement should be terminated.

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