G-VISION INT'L terminates lease and ceases operations at Yumin Square, Kwun Tong, Chao Guan Cheng Restaurant

G-VISION INT'L (00657.HK) announced that its indirectly wholly-owned subsidiary, Han Shun Development, will terminate the lease for shop unit 212 on the 2nd floor of Kai Wai Yu Man Square and will forfeit approximately HKD 1.4914 million in deposits as a predetermined compensation. The group indicated that this shop was originally used to operate a Teochew restaurant under the trademark "Chao Guan Cheng Restaurant," and after the lease termination, the group will cease operations of the restaurant.

The group stated that the financial performance of the Kwun Tong restaurant has not been ideal since its opening. The trend of working from home and the reduction in business and social activities have negatively impacted the lunch and dinner business of the Kwun Tong restaurant. In addition, the recent changes in the living and consumption patterns of Hong Kong residents have exacerbated the negative impact on the restaurant's financial performance. During weekends and school holidays, residents of different age groups have increasingly traveled to the Greater Bay Area and other countries for leisure and dining experiences.

In light of the above circumstances, the group made a strategic decision to return the property to the owner and cease operations of the Kwun Tong restaurant after careful consideration and review of the restaurant's business performance and future development potential