According to Zhitong Finance App, Building Blocks Group (08187) announced that on February 19, 2024, Jincan Company (as the owner) and Art Kingdom (as the tenant), a direct wholly-owned subsidiary of the company, signed a lease agreement to lease the property for a period of 3 years from March 4, 2024 to March 3, 2027 (including the first and last two days) to be used as one of the Group's retail stores.
The property is on the 1st floor of Tak Wah Building, 290, 290A, 292, 294 and 296 Hennessy Road, Hong Kong, China. The total value of rent payable by Art Kingdom under the tenancy agreement is HK$2.16 million, which means a monthly rent of HK$60,000, excluding government rent, rates and management fees, which must be paid in advance without any deduction.
According to the announcement, the group is mainly engaged in retail business in Hong Kong, China. As part of its retail operations, the Group regularly enters into lease agreements to rent retail stores. Each retail store helps and maintains the Group's operating scale, thereby reducing overall costs, enhancing the ability to negotiate with business partners, and expanding the Group's store network and market share.