Yinchuan Xinhua expands to Beijing with major property lease

Yinchuan Xinhua Commercial Group (SSE:600785) is set to establish a major presence in Beijing by leasing prime commercial real estate from Beijing MeiHui Wanjia Commercial Co., Ltd., a related party. The transaction involves a lease of approximately 44,905.89 square meters of commercial space (floors 1-6) located at 1 Xinjiekou North Street, Xicheng District, Beijing, with an additional 12,000 square meters of underground parking space. The initial annual rent is set at CNY50,000,000, with an average annual rent of approximately CNY54,160,000 over the 15-year lease term, subject to agreed-upon escalations.