(00989.HK) announcement, on October 20, 2023, Huayin International Holdings (Dunhua) Co., Ltd. (an indirect wholly-owned subsidiary of the company)With the people's Government of Dunhua City (Dunhua Government)An investment framework agreement has been concluded. Accordingly, Huayin Dunhua plans to invest in cultural tourism projects, involving a five-star hotel, a four-star hotel and a lecture hall.
The project is located in the south of Mudanjiang Road, east of Jinding Road and north of Zhongjing Road, covering an area of about 84000 square meters, with a total construction area of about 60000 square meters.
According to the investment framework agreement, the Dunhua government will be responsible for assisting Huayin Dunhua to obtain the approval documents and related license registration related to the project, and to provide a good investment environment and services. In addition, Huayin Dunhua will have the obligation to operate and develop the project in accordance with applicable laws and regulations, and enjoy the relevant national, provincial and state preferential policies as well as Dunhua preferential policies to promote investment.
As part of the project, on the same day, Huayin International Holdings Zixiangmen Hotel Management (Dunhua) Co., Ltd. was also an indirect wholly-owned subsidiary of the company and signed a hotel management contract with Huiting Hotel Management (Jiangsu) Co., Ltd. accordingly, Huiting Hotel Management will provide hotel management services to the five-star hotels of the project under the Hilton Huiting hotel brand.
In addition, Huayin Hotel Management also entered into a food and beverage management contract with Yuexi Food and Beverage Management (Jiangsu) Co., Ltd., according to which Yuexi Catering will provide food and beverage management services for the project.
The directors are of the view that the signing of the investment framework agreement, hotel management contract, restaurant management contract and the project is for the Group to further expand its distinctive cultural tourism development business. in order to achieve more benefits and higher returns for shareholders, employees and other stakeholders. Therefore, the directors consider that the terms of the investment framework agreement, hotel management contract and restaurant management contract are fair and reasonable and that the project is in the interests of the company and its shareholders as a whole.