China Railway Construction Renews Agreements with Controlling Shareholder

MT Newswires Live2024-12-30

China Railway Construction (HKG:1186, SHA:601186) agreed to renew its lease of certain properties and land-use rights for certain land parcels with China Railway Construction Corporation or CRCCG, the controlling shareholder of the company, a Friday Hong Kong bourse filing said.

The term of the renewed lease for the properties starts on Jan 1, 2025, and expires on Dec. 31, 2025, while the term for the renewed land-use rights agreement started on Nov. 5, 2007, and will last for 20 years.

The group also agreed to engage CRCCG for the provision of certain services such as design, survey and supervision, property management, and other ancillary services among others for a term starting on Jan. 1, 2025, and expiring on Dec. 31, 2027.

The company's subsidiary, CRCC Finance, will continue to provide financial services such as deposit, clearing, and loan services among others to CRCCG and its subsidiaries for a three-year term starting from Jan. 1, 2025, to Dec. 31, 2027.

The company also entered into an equipment sale, equipment purchase, and leasing services agreement with CRCC Financial Leasing or CRFL, a subsidiary of CRCCG.

Under the agreement with CRCC Financial Leasing, the company will sell shield machines and other machinery and equipment to and purchase engineering equipment from CRFL.

Furthermore, the group will acquire CRFL for leasing services including direct leasing, financial sale, and leaseback services. The agreement's term started on Sept. 14, 2024, and will expire on Dec. 31, 2026.

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