We refer to the announcement made by the Company on 16 October 2020 in relation to the announcement made to The Stock Exchange of Hong Kong Limited ("The HKEx") on 16 October 2020 by Parkson Retail Group Limited (“PRGL”), a 54.97% owned subsidiary of the Company listed on The HKEx, in relation to the major transaction on the formation of a joint venture ("Earlier Announcement").
Unless otherwise stated, the terms used throughout this announcement shall have the same meaning as defined in the Earlier Announcement.
On 19 October 2020, PRGL had announced that on even date, Shanghai Shengrui Commercial Management Co., Ltd. ("Shanghai Shengrui"), an indirect wholly-owned subsidiary of PRGL, and Hongxiang Real Estate Co., Ltd. ("Hongxiang Real Estate"), a wholly-owned subsidiary of Hongxiang Holding Group Co., Ltd., have successfully won the bid for the auction for the land use rights of the land located at the east of Qingfeng Road Green Belt Area, south of Guangze Road, west of Yundong Road and north of Zuili Road Green Belt Area, Jiaxing City of Zhejiang Province in the People's Republic of China with a total site area of 130,294 square meters for commercial and residential purposes ("PRGL Announcement"). A copy of the PRGL Announcement is attached herewith.
Pursuant to the terms of the Joint Venture Cooperation Agreement, Shanghai Shengrui and Hongxiang Real Estate shall proceed to establish the Joint Venture.