GAC Group approves property management, lease agreements

Guangzhou Automobile Group (GAC Group, SSE:601238) announced the resolutions from its 7th Board of Directors' 5th meeting. Key decisions included the approval to engage Guangzhou Zhicheng Property Services Co., Ltd. for property management services at the company's Panyu headquarters, GAC Center, and training center. The service period spans from July 1, 2025, to September 30, 2026, with a total cost of CNY 3,588.84 million. The board also approved a lease agreement through its subsidiary, GAC Trading Co., Ltd., for property in Baiyun District, Guangzhou, from Guangzhou Junda Automobile Group Co., Ltd., for a three-year term, totaling CNY 1.368 million. Furthermore, the board approved the appointment of Li Yong as a member of the company's Executive Committee. These resolutions were passed with related board members abstaining from voting due to affiliated interests.