Parkson signed 15-year lease for RM111mil in Nanchang, China
KUALA LUMPUR: Parkson Holdings Bhd’s 54.97 per cent-owned subsidiary, Parkson Retail Group Ltd (PRGL), has renewed the lease for its retail premises in Nanchang, China for 185 million yuan (RM111 million).
Parkson Holdings Bhd's subsidiary, Parkson Retail Group Ltd, has extended a lease for its Chinese store for 15 years, worth RM111 million. Jiangxi Parkson Retail Co Ltd signed the renewal agreement with Jiangxi Kaimei Development Co Ltd on September 9th. The lease covers a basement-level floor and levels one to four of the property from January 1, 2027 to December 31, 2041.
According to International Financial Reporting Standard 16, the premises will be recognized as a right-of-use asset by PRGL. The acquisition of this asset is not expected to significantly impact Parkson Holdings' earnings or net assets in the financial year ending December 31, 2026, based on the audited financial statement as of December 31, 2025.
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