Brilliance China Automotive's Subsidiary to Receive 451.4 Million Yuan in Monetary Compensation, Leases Premises

MT Newswires Live07-17

Brilliance China Automotive Holdings (HKG:1114) subsidiary Renault Brilliance Jinbei Automotive will be receiving a total monetary compensation of 451.4 million yuan from the Dadong Government for the property expropriation of land of RBJAC's factory premises.

RBJAC has also entered a 10-year lease agreement with a Chinese company indirectly owned by the State, for the premises at factory building A, no. 39, Dongwang Street, Dadong District, Shenyang City, Liaoning.

The property is rent-free for the first three years and after that, the rent will be negotiated between the parties every three years. The upper cap for the 4th to 6th year period is set at 15.7 million yuan per year, for the 7th to 9th year, the rent cannot be more than 3% of the previous year's rental and the same goes for the rental for the 10th year of tenancy.

The premises will be used by RBJAC for offices and factory usage.

The company's shares were down 1% on Wednesday's close.

Price (HKD): $3.70, Change: $-0.04, Percent Change: -1.07%

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