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Guandian.com News: On August 12, AEON Department Store (Hong Kong) Co., Ltd. issued an announcement disclosing an important lease agreement.

According to the announcement, AEON Guangdong, a non-wholly owned subsidiary of AEON, has signed a lease agreement with Foshan Shunde Runfeng Real Estate Co., Ltd. The leased premises are located at Shops B121 and B122, No. 3, Jurong Road, Fuyou Community, Daliang Street, Shunde District, Foshan City, and will be used to operate a supermarket. The lease term is 10 years and 191 days, starting on October 21, 2024 or the actual delivery date (whichever is later).

The announcement shows that Foshan Shunde Runfeng Real Estate Co., Ltd. is an indirect wholly-owned subsidiary of China Resources Land Limited.

In terms of financial terms, the right-of-use asset value is approximately RMB 17.6 million, the total basic rent (including tax) is approximately RMB 24.4 million, and the management fee (including tax) is approximately RMB 11 million. AEON Guangdong needs to pay RMB 6 million as a deposit. The rent-free period is until April 29, 2025, and the one-time management fee is RMB 20,000.