crashgames| China Resources Vientiane Life (01209.HK) successfully won a rental bid for a company located in Binjiang District, Hangzhou

Gronghui May 13, China Resources Vientiane Life (01209Crashgames.HK) announcementCrashgamesOn May 13, 2024, the Group (as lessee) successfully won a bid for a lease located in Binjiang District, Hangzhou, and the winning bidder will lease and operate the property in accordance with the terms of the lease agreement. The property is a commercial complex and commercial district, and the leasing scope includes the above-ground commercial complex, the above-ground commercial block part and the underground commercial part that the lessor intends to build and lease to the lessee for its operation and use, and includes supporting parking spaces, facilities and equipment, etc.

The lessor is a limited liability company established in accordance with Chinese law, mainly engaged in real estate development and operation, property management and non-residential real estate leasing business. As at the date of this announcement, the lessor is wholly owned by Hangzhou Hi-tech (300478) Technology Industry Development Zone Asset Management Co., Ltd., which is then wholly owned by Hangzhou Hi-tech State-owned holding Group Co., Ltd., and then wholly owned by Hangzhou Binjiang District Finance Bureau.

The property is located in a mature business area, good urban interface, excellent quantity and quality of consumer groups, and good opportunities to enter the market. This project fills the gap of the group's project in the business circle and enhances the group's market influence in the city where it is located. The project is expected to accommodate about 400 shops and will be built into a flagship landmark commercial project in the business district. In addition to rental income, this project will also receive fees for pre-consultation services, thereby increasing revenue and profits.