Parkson Retail Unit Ends Guiyang Property Lease After Renovation Delays; Shares Slip 5%
MT Newswires Live
Nov 03
Parkson Retail Group (HKG:3368) said its subsidiary, Guizhou Shenqi Parkson Retail Development, has signed an agreement to end its tenancy for a property in Guiyang, Guizhou Province, China, effective Nov. 30, according to a Friday Hong Kong bourse filing.
Shares of the firm were down 5% in Monday's midday trade.
The move derecognizes a right-of-use asset of about 51.2 million yuan, the filing said.
Parkson said the tenancy, originally signed in March 2024, was terminated because renovation work could not commence due to objective reasons, preventing the planned store opening.
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