Crystal Garden International (02232) issued an announcement. In 2022, the Group and related parties (namely Luo Lefeng, Luo Cai Yuqing and...
According to the Zhitong Finance App, Crystal Garden International (02232) announced that in 2022, the Group entered into multiple leases (2023 tenancies) with a number of entities controlled by related parties (namely Luo Lefeng, Luo Cai Yuqing, and Luo Zhengliang) (collectively, “Connected Owners”). Under the 2023 tenancy agreement, the connected owners agreed to lease certain properties to the Group for use as warehouses and dormitories.
All tenancy agreements in the 2023 tenancy agreement will expire on December 31, 2023. The board of directors announced that on December 14, 2023, all tenancy agreements in the 2023 tenancy agreement will be renewed for one year (collectively referred to as the “2024 lease”). According to the valuation carried out by the company's property valuer, the monthly rent required by the 2024 lease agreement to be paid in cash in advance on the first day of each calendar month is in line with the current market rent. The total rent payable during the term under the 2024 tenancy agreement is HK$10.14 million. The company will confirm the acquisition of right-of-use assets of HK$9.782 million for the leased assets of the 2024 lease.
The company's business operations and development require the conclusion of a 2024 lease for use as a warehouse and dormitory.