According to the announcement from the Financial Intelligence APP, Parkson Group (03368) announced that on November 6, 2024, its indirectly wholly-owned subsidiary, Shanghai Jiuhai Parkson (as a tenant) and Shanghai Jiuhai Industrial (as a landlord) entered into a Shanghai Lease Agreement. Since 1994, Shanghai Jiuhai Parkson has been leasing Shanghai properties for its retail business under a cooperative operating agreement, and the lease term will expire on November 29, 2024, along with the end of the cooperative period under the cooperative operating agreement. The parties have agreed to enter into a lease under the Shanghai Lease Agreement, with the lease term until November 29, 2039.

It is reported that the property is located in certain floors from Basement 1 to 8 in the building at 918 Middle Huaihai Road, Shanghai, China.

The announcement stated that the Group's department store at the Shanghai property is equipped with an experienced and stable management team. After the Shanghai Lease commences, Shanghai Jiuhai Parkson will optimize rental costs and leasing terms and conditions, striving to enhance the public image of the Shanghai property, adjust the brand portfolio, and strengthen its market competitiveness. The board of directors believes that continuing the company's retail business at the Shanghai property will have a positive impact on the Group's future development.