Parkson Holdings' Unit Enters Into 7 New Lease Agreements In Beijing

KUALA LUMPUR, April 4 (Bernama) -- Parkson Holdings Bhd’s 54.97 per cent owned subsidiary, Parkson Retail Group Limited (PRGL) has entered into seven new lease agreements as lessee in respect of the properties in Beijing. In a filing with Bursa Malaysia Wednesday, Parkson Holdings said PRGL announced the signing of the agreements between its indirect wholly-owned subsidiary, Parkson Retail Development Co., Ltd. (tenant), and China National Arts and Crafts Group Company Limited (landlord) on Feb 26, 2019. It said prior to entering into the new lease agreements, the tenant had been occupying the properties as a tenant for its retail business since Oct 1, 1993, and the operations at the properties have brought stable revenue to the group during the past years. “Each new lease agreement is a renewal of its corresponding previous lease agreement which is due to expire in 2023. “At the request of the landlord, the tenant negotiated the renewal of the previous agreements with the landlord and agreed that each of new lease agreement of approximately 10-year term and to expire on Nov 30, 2028,” it said. Parkson said this allows the continuity of the group’s retail operations at a place which is familiar to the group’s customers in the long term. -- BERNAMA