China Resources Vientiane Life (01209) announced that on May 13, 2024, the group (as tenant) successfully won a rental bid in Binjiang District of Hangzhou. The winning bidder will lease and operate the property in accordance with the terms of the lease agreement. The property is a commercial complex and commercial district. The scope of the lease includes the above ground commercial complex, the above ground commercial block part, and the underground commercial part to be built by the lessor (Hangzhou Binjiang District Reserved Land Development and Operation Co., Ltd.) for the tenant to operate and use, as well as supporting parking spaces, facilities and equipment.
The property is located in a mature business district, has a good urban interface, excellent quantity and quality of the consumer base, and has good market entry opportunities. This project has filled the Group's project gaps in the business district and enhanced the Group's market influence in the city where it is located. The project is expected to accommodate about 400 stores and will become a flagship landmark commercial project in the business district where it is located. In addition to rental income, this project will also receive fees for early consulting services, thereby increasing revenue and profits.