PARKSON GROUP (03368.HK): Extends Nanchang department store lease to 2041 with right-of-use asset consideration of approx. RMB 185.0 million

NewTimeSpace · 2026/09/10 13:19 · By Jiayi Sun

On 9 September 2026, PARKSON GROUP (03368.HK) announced that its subsidiary Jiangxi Parkson entered into a renewal agreement for the Nanchang department store property at 177 Zhongshan Road (total GFA 31,955.45 sqm), extending the lease from 1 January 2027 to 31 December 2041 with initial annual rent of RMB 21.95 million (VAT-inclusive); the right-of-use asset consideration of approximately RMB 185.0 million under IFRS 16 constitutes a major transaction under the Listing Rules, approved in writing by shareholders holding 54.97% in lieu of a general meeting, with the circular expected by 25 September 2026.

NewTimeSpace News: On 9 September 2026, Parkson Retail Group Limited (stock code: 03368) announced that its indirect wholly-owned subsidiary Jiangxi Parkson has entered into the Nanchang Renewal Agreement with the landlord, extending the lease of the Nanchang Property from its expiry on 31 December 2026 to 31 December 2041, with the renewed term commencing on 1 January 2027.

According to the announcement, the Nanchang Property, located at 177 Zhongshan Road, Nanchang, Jiangxi Province, comprises Basement Level 1 and Floors 1 to 4 with a total gross floor area of 31,955.45 square meters, and has been used for retail business since 2007 as a shopping centre. Annual rent for the first three years is RMB 21.95 million (VAT-inclusive), stepping up every three years to RMB 25.188130 million for years 13 to 15, with a security deposit of RMB 15 million.

Under IFRS 16, the consideration to be recognised by the Group for the acquisition of the right-of-use asset is approximately RMB 185.0 million, calculated as the present value of rental payments under the renewal agreement. As the highest applicable percentage ratio under Rule 14.07 of the Listing Rules exceeds 25% but is below 100%, the transaction constitutes a major transaction; written approval from a group of closely connected shareholders holding an aggregate 54.97% interest has been accepted in lieu of a general meeting under Rule 14.44, and a circular is expected to be despatched to shareholders on or before 25 September.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Tags：

PARKSON GROUP 03368.HK acquisition