Zhitong Financial App News, Guonong Financial Investment (08120) issued an announcement that on April 25, 2022, the lessee (an indirect wholly-owned subsidiary of the company) and the landlord's agent signed a supplementary document on the extension of the lease of the property for a period of two years from May 1, 2022 to April 30, 2024 (both dates inclusive) to operate a restaurant of the Group.

It is reported that the property is located at Shop 288, 2 / F, Plaza Hollywood, Diamond Hill, Kowloon. The value of the right-to-use assets recognized by the company under the extended lease is about HK $6 million.

The food and beverage business is one of the main business divisions of the Group. The Group has been operating the restaurant in the property and the existing lease agreement for the property will expire on April 30, 2022. The management of the Group is of the view that the property is located in the shopping mall in the residential area with smooth consumers, and the continued operation of the restaurant there is in line with the business strategy of the Group's food and beverage business division, and the extension of the lease will also save the Group relocation expenses. The terms of the extension are determined by the parties after fair negotiation with reference to the current market prices of similar properties in the vicinity of the property.