Shenzhen Hopewind Electric to Add Rent-Free Period to JV Company's Lease; Shares Down 3%

MT Newswires Live08-08

Shenzhen Hopewind Electric (SHA:603063) plans to sign a supplementary lease agreement with its joint venture company, Shenzhen Wanhe Tiannuo Industrial Operation Management, to add a rent-free period, according to a Shanghai bourse filing on Friday.

Wanhe Tiannuo rented 20% of the Chinese electrical equipment manufacturer's intelligent science and technology buildings in Shenzhen from August 30, 2021, to December 24, 2049, but the building's inspection was only completed in October 2023.

The new contract will give Wanhe Tiannuo a rent-free period of between Aug. 30, 2021, and Dec. 31, 2024. There will be a revised rent amount of 43.5 million yuan, but Wanhe Tiannuo will bear the taxes.

The company's shares dropped less than 3% during midday trade.

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