On January 31, 2025, the landlord, Chongqing Tianfan Industrial (an independent third party), and the tenant, Novotel Property Management (a wholly-owned subsidiary of the company), reached a mutual consensus to terminate their existing lease arrangement ahead of schedule. The board of directors believes this early termination is in the overall interests of the company and its shareholders and will not have any material adverse impact on the group's operations or financial condition.
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