Parkson Group subsidiary terminates property lease agreement
PARKSON GROUP announced the termination of the property lease agreement with Guizhou Yuncui Property Management Co., Ltd., with the termination date set for March 29, 2024, effective from November 30, 2025. Due to the inability to carry out renovation works, the lease term has not yet commenced, and the board of directors has decided to terminate the agreement to prevent subtenants from operating department stores on the property
According to the announcement from PARKSON GROUP (03368), on October 31, 2025, Guizhou Magical Parkson Commercial Development Co., Ltd. (the company's indirect non-wholly-owned subsidiary), Guizhou Longgang Commercial Operation Management Co., Ltd., and Guizhou Yuncui Property Management Co., Ltd. have entered into a lease termination agreement for the property, with the termination date of the lease agreement being March 29, 2024, effective from November 30, 2025.
The leased property is located at the basement level and the first to fourth floors of Longgang International Center, No. 117 Zhonghua Middle Road, Guiyang City, Guizhou Province, China.
According to the lease agreement dated March 29, 2024, the lease term should commence from the date of the property's renovation. Due to objective reasons, the renovation work of the property cannot proceed. Therefore, the lease term has not yet begun. The board of directors believes that due to the inability to carry out the renovation work, the sub-lessee cannot operate its department store in the property, and thus the lease agreement should be terminated
