PICC Property and Casualty to Lease Properties Across China for headquarters, Branches' Offices

MT Newswires Live08-02

PICC Property and Casualty (HKG:2328) agreed to lease certain properties located across China from PICC Investment including a property located in Nanjing City, Jiangsu for office use for the departments of the headquarters of the company.

The insurance company also agreed to lease certain properties to PICC Investment for office use for the branches of PICC Investment, a Thursday filing with the Hong Kong Exchange said.

The company agreed to lease 362 properties located in 32 provinces and cities of China from PICC for a three-year term starting from July 7, 2024, and expiring on July 6, 2027. The total area of the properties is about 304,300 square meters and the total rent for the properties amounts to 217.7 million yuan.

The company agreed to lease 9 properties located in 7 provinces and cities of China to PICC for a total rent of 1.1 million yuan for a term of three years starting from July 7, 2024, to July 6, 2027. The total area of the properties to be rented out is around 843.21 square meters.

The company agreed to lease a property located in Nanjing City, Jiangsu, with an area of 1,006.33 square meters for a total rent of 7.29 million yuan for a term of five years starting from Aug. 1, 2024, to July 31, 2029. The company will be paying the rent for both, the office property and the properties mentioned above from its internal resources.

Price (HKD): $10.22, Change: $+0.02, Percent Change: +0.20%

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