On 28 September 2026, Parkson Retail Group Limited (Parkson Group) announced that its indirect wholly owned subsidiary, Mianyang Fulin Parkson Plaza Co., Ltd., has signed a 20-year lease with state-owned Mianyang Yuancheng Integrated Development Group Co., Ltd. for a 38,511 sq m retail property in Zijing Plaza, Building 18, No. 89 Youxian Road, Youxian District, Mianyang City, Sichuan Province.
Key Commercial Terms • Lease term: 20 years commencing on the property’s actual opening date—expected on 1 July 2027 and no later than 1 October 2027. • Rental structure: The higher of (i) a fixed “guaranteed rental” initially set at RMB13 per sq m per month (subject to a 50 % discount for the first three years and 3 % escalation starting in the second half of year 5 and every three years thereafter) and (ii) a “percentage rental” equal to 1 % of net sales from non-subleased areas (0.8 % for specified categories such as supermarkets and luxury goods) and 10 % of net rental income from subleased areas. The percentage rental also carries a 50 % discount during the initial three-year period. • Deposit: RMB1.00 million, to be converted into prepaid rent upon opening. • Property management fee: RMB0.50 per sq m per month; utilities charged on actual consumption. • Sub-letting: Permitted for portions of the premises; the landlord may not interfere in operations. • Early-termination right: The tenant may exit after four years if cumulative audited losses exceed RMB30 million, with 180-day notice.
Accounting and Listing Rules Impact Under IFRS 16, the lease will be recognised as a right-of-use asset of approximately RMB60.90 million. This qualifies as an asset acquisition; the highest applicable percentage ratio under Hong Kong Listing Rule 14.07 exceeds 5 % but is below 25 %, classifying the deal as a discloseable transaction. Consequently, Parkson Group must publish this announcement but is exempt from circular and shareholder approval requirements.
Strategic Rationale Parkson Group has operated in Mianyang for nearly three decades, currently running one shopping mall, two department stores, and two supermarkets. The Zijing Plaza site lies in a prime commercial area near the city’s Science City zone and key cultural tourism hubs, offering high footfall potential. Management plans to deploy a “city outlet” format to leverage established brand equity and a mature customer base, aiming to strengthen regional synergies and drive long-term growth.
Funding Rental, deposits and ancillary charges will be met through internal resources.
Parkson Group’s board considers the lease terms fair and reasonable and views the transaction as beneficial to the company and its shareholders.