Summary by Futu AI
Country Garden Services announced on December 29, 2023, that it has renewed a series of continuing connected transaction framework agreements with Country Garden Holdings and will terminate certain leases under the existing property lease framework agreement on December 31, 2023. The new agreement covers property management services, non-owner value-added services, hotels, engineering and transport services, and is valid until the end of 2026. In addition, the company has entered into a Property Lease Framework Agreement for 2023. Country Garden Holdings is a company with a majority controlling interest indirectly held by Ms. Yang, a non-executive director and major shareholder, and therefore the transaction is subject to the reporting, annual audit and announcement provisions of Chapter 14A of the Listing Rules. Termination of the lease agreement will result in a decrease in the amount of usufruct assets confirmed by the Company, which is expected to confirm revenue of approximately RMB72.24 million. The company said the move helped reduce reliance on connected people and facilitated the expansion of its business management business to external markets.