China South City extends property management deal worth HK$1.52bn

China South City Holdings Limited announced a new property management agreement with connected party First Asia Pacific, effective April 2025 through December 2027.

The deal sets annual caps of HK$370m for the nine months ending December 2025, HK$540m for 2026, and HK$610m for 2027, totaling HK$1.52bn. Historical utilization rates were 93% in 2023 and 98% in 2024.

First Asia Pacific will provide property management, security, cleaning and maintenance services. The agreement requires shareholder approval at an extraordinary general meeting on August 15, 2025.