Zhitong Financial App News, Vertical and horizontal Travel Holdings (08069) announced that on March 24th, 2022, Zhongheng Travel and Flying Travel (as lessee) and Zhengtian (as lessor) entered into a new lease agreement.

The property is located at rooms 706, 708, 7 / F, Lippo Sun Plaza, 28 Canton Road, Tsim Sha Tsui, Kowloon, and rooms 703 and 705, 7 / F, Lippo Sun Plaza, 28 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong.

Vertical and horizontal Travel (as a lessee) is mainly engaged in providing tour group services and is an indirect subsidiary of the company. Soaring Travel (as a lessee) is mainly engaged in the sales of tour groups, air tickets and ╱ or hotel accommodation and tourism related products and services, and is an indirect wholly-owned subsidiary of the company. Zhengtian (as a lessor) is mainly engaged in property investment. It is 90% and 10% owned by Ms. Chen Shuwei and Mr. Yuan Shiqiang respectively.

According to the notice, the leased properties have been occupied by the group as the company's headquarters and offices since August 2016. Having considered the rental of similar offices in the vicinity and the possible relocation costs incurred by the Group in the event of the relocation of the properties under such leases, the Directors consider it appropriate to continue to use the properties under these leases as the company's headquarters and offices, to maintain the stable operation of the Group in the course of its day-to-day and general business.