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Parkson renews China tenancy for RM111mil

The Star·09/09/2026 23:00:00
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PETALING JAYA: Parkson Holdings Bhd’s 54.97%-owned subsidiary Parkson Retail Group Ltd (PRGL) has renewed the tenancy of its retail property in Nanchang, China, for 15 years in a transaction valued at about 185 million yuan, or about RM111mil.

In a filing with Bursa Malaysia, Parkson said PRGL’s indirect wholly-owned subsidiary, Jiangxi Parkson Retail Co Ltd, entered into the renewal agreement with Jiangxi Kaimei Development Co Ltd on Sept 9.

The tenancy covers a basement level and four above-ground floors at Zhongshan Road in Nanchang, Jiangxi province, and will run from Jan 1, 2027 to Dec 31, 2041.

PRGL will recognise the property as a right-of-use asset. The RM111mil consideration is based on the present value of rental payments under the renewed tenancy.

The transaction is classified as a major transaction for PRGL under Hong Kong listing rules.