On November 19, Capital State learned that Hong Kong stock companiesThe development of VANDA HOTEL(00169.HK) issued a notice to renew the hotel management framework agreement and property leasing framework agreement with Dalian Wanda Commercial Management Group.
It is reported that these framework agreements will be renewed as they expire on December 31 this year. Accordingly, Dalian Wanda Commercial Management Group may lease properties to VANDA HOTEL in China from time to time, and the agreement may also include property management services to be provided by Dalian Wanda Commercial Management Group in respect of 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.
VANDA HOTEL 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 agreed to replace and Dalian Wanda Commercial Management Group agreed to assume all rights and responsibilities under the Hotel Management Framework Agreement of Dalian Wanda Commercial Management Group.
In addition, on 18 November 2021, the Board also decided to update the annual cap for the proposed transactions under the Hotel Management Framework Agreement for the three years ending 31 December 2024.
As of press time, VANDA HOTEL Development reported HK $0.315, down 4.55%, with a total market capitalization of HK $1.48 billion.