Opinion Real Estate Network News:VANDA HOTEL Development Co., Ltd. announced on November 18 that it had renewed the hotel management framework agreement and property leasing framework agreement with Dalian Wanda Business Management Group.

According to the opinion Real Estate New Media, the agreement between the two sides was renewed because it expired on December 31, and VANDA HOTEL entered into a new property leasing framework agreement with Dalian Wanda Commercial Management Group, according to which Dalian Wanda Commercial Management Group may lease properties (including offices, warehouses and parking spaces) to VANDA HOTEL in China from time to time. The agreement may also include property management services to be provided by Dalian Wanda Commercial Management Group for leased properties.

At the same time, VANDA HOTEL entered into a new hotel design framework agreement with Dalian Wanda Group, under which Dalian Wanda Group may from time to time appoint the Group to provide hotel design services for the hotel projects of Dalian Wanda Group.

VANDA HOTEL entered into a new hotel construction management framework agreement with Dalian Wanda Group, under which Dalian Wanda Group may from time to time appoint the Group to provide hotel construction management services for the hotel projects of Dalian Wanda Group.

VANDA HOTEL has entered into a new product supply framework agreement with Dalian Wanda Group, pursuant to which Dalian Wanda Group has agreed to purchase in accordance with the terms and conditions agreed in the agreement and the Group has agreed to supply such products in accordance with such terms and conditions.

Previously, on November 13, 2018, VANDA HOTEL entered into a hotel management framework agreement with Dalian Wanda Business Management Group, under which Dalian Wanda Business Management Group may from time to time appoint VANDA HOTEL to provide hotel management services. The Hotel Management Framework Agreement will expire on December 31, 2038, while the annual cap for proposed transactions under the Hotel Management Framework Agreement will expire on December 31, 2021.

At present, VANDA HOTEL has entered into a replacement agreement with Dalian Wanda Commercial Management Group and Dalian Wanda Group, pursuant to which, with effect from January 1, 2022, Dalian Wanda Commercial Management Group has agreed to replace and Dalian Wanda Commercial Management Group has agreed to assume all rights and responsibilities under the Hotel Management Framework Agreement of Dalian Wanda Commercial Management Group.

In addition, as VANDA HOTEL plans to continue transactions under the Hotel Management Framework Agreement, on 18 November 2021, the Board of Directors also proposed to update the annual cap for the three years ended 31 December 2024 for the transactions to be conducted under the Hotel Management Framework Agreement.