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OCT Asia signs 9 continuing connected transaction agreements

2019-12-30 Source: Huanggang Real Estate Views: 20

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News: On December 30, Overseas Chinese Town (Asia) Holdings Limited issued an announcement saying that the following continuing connected transaction agreements have been signed for continuing connected transactions:

Signed a Xi'an lease with Xi'an OCT Industrial; entered into a property management agreement with OCT Property Services Shanghai Zhabei Branch; entered into an electromechanical service consultant agreement with OCT Hydropower; entered into a Chengdu Lease I with OCT Creative Culture Hotel Chengdu Branch; and OCT Chengdu Branch Entered into Chengdu Lease II; entered into an electricity consultant service agreement with OCT Chengdu Branch; entered into a property management framework agreement with OCT Property Services Chengdu Branch; entered into a Konka framework agreement with Konka One Vision; and entered into an OCT Joy Coast lease with OCT Entertainment.

As all 2016 continuing connected transaction agreements will expire on December 31, 2019, OCT Asia plans to continue with the related parties in a number of transactions under the 2016 continuing connected transaction agreement, as well as other new transactions.

Among them, according to the Xi'an Lease, Xi'an Overseas Chinese Town Land agreed to lease three units of a property located on Nanguanzheng Street in Xi'an for office use to Xi'an Overseas Chinese Town Industrial, with a total gross floor area of approximately 3,674.14 square meters. The total monthly rent is RMB 436,000. According to the Xi'an Lease, Xi'an OCT Industrial must pay the due rent to Xi'an OCT Land every quarter.

According to the property management agreement, OCT Property Services Shanghai Zhabei Branch will provide property management services to OCT Shanghai Land for the Shanghai Suhewan Project. Management fees payable will be calculated based on the actual area under management and OCT Property Services Shanghai Zhabei Branch's employee costs payable. And will not be higher than the management fee price that OCT Shanghai Land can get from independent property management companies in the market. The two parties will enter into an independent management contract for the specific property managed by OCT Property Services Shanghai Zhabei Branch, which will specify the management fee payment arrangement.

According to the electromechanical service consultancy agreement, OCT Hydro will provide electromechanical consultancy services to OCT Shanghai Land for the Shanghai Suhewan project. According to the electromechanical service consultant agreement, the consultancy fee will be calculated based on the staff costs payable by OCT Hydro. The consultancy fee will not be higher than the consultancy fee price that OCT Shanghai Land can obtain from an independent consultancy company in the market. The two parties will enter into an independent consultancy contract for the consultancy services provided by OCT Hydro, stating the arrangements for the payment of consultancy fees.

According to the Chengdu Lease I, Chengdu OCT agreed to lease to OCT Creative Culture Hotel Chengdu Branch. Chengdu OCT owns certain properties located in Jinniu District, Chengdu, Sichuan Province, China to operate the inn. Its total gross floor area is approximately 7,000 square meters. The form of revenue sharing payment will be specified in the formal lease signed in the future according to the standard practice of independent third parties in the market at that time. The Overseas Chinese Town Creative Culture Hotel Chengdu Branch must pay the monthly rent due to Chengdu OCT before the 15th day of each month.

Under the Chengdu Lease II, Chengdu Overseas Chinese Town has agreed to lease certain properties located in Jinniu District, Chengdu, Sichuan Province, to operate a children's entertainment center, with a total GFA of approximately 6,000 square meters. According to the Chengdu Lease Agreement II, OCT Chengdu Branch must pay the monthly rent due to Chengdu OCT by the 15th day of each month as follows: (i) 2020 in accordance with OCT Chengdu Branch in the relevant month of the year 6% of the amount. (ii) 2021 is calculated based on 7% of the turnover of OCT Chengdu Branch in the relevant month of the year. (iii) 2022 is calculated based on 8% of the turnover of OCT Chengdu Branch in the relevant month of the year.

According to the power consultancy service agreement, OCT Hydro Chengdu Branch will (among other things) conduct daily and regular inspections, maintenance and management services for Chengdu OCT, its subsidiaries and branches on certain power facilities in Chengdu OCT's operating area, and provide management services to Chengdu OCT, its subsidiaries and branches provide consulting services on power distribution expertise and related businesses, as well as the construction plan of Chengdu OCT's power monitoring system. The cost of these services will be negotiated and determined by the parties with reference to the progress and demand of the Chengdu OCT construction project, the estimated number of power distribution houses to be transferred each year and the estimated demand for consulting services, and the current market price at the time of providing such services. It will be similar to the level of fees that Chengdu OCT can obtain from independent third parties for similar-scale projects. Advisor fees will be paid on a quarterly basis.

According to the Property Management Framework Agreement, OCT Property Services Chengdu Branch will provide property management services to Chengdu OCT for its projects in Chengdu. The management fee payable under the property management framework agreement will be calculated based on the actual area managed by OCT Property Services Chengdu Branch and the manpower it employs. The management fee will not be higher than the management fee price that Chengdu OCT can obtain from independent property service companies in the market. The contracting parties will enter into an independent management contract for the specific property managed by the Overseas Chinese Town Property Services Chengdu Branch, which will specify the management fee payment arrangements.

Pursuant to the Konka Framework Agreement, Chengdu OCT, its subsidiaries and branches agreed to purchase and Konka One Vision agreed to supply LED equipment, televisions and other electronic products and services to Chengdu OCT. The cost of these products and services will be calculated by the parties with reference to the Chengdu Overseas Chinese Town project construction progress and service requirements, and reference to the current market price of service fees and electronic product prices. The prices of all goods and other agreement terms shall be formulated on the same scale as Chengdu Overseas Chinese Town Independent third-party companies have comparable prices for cooperation. The specific payment arrangements will be stipulated in the individual service agreements between the two parties.

Under the OCT Happy Coast Lease, OCT Entertainment agreed to lease a property located at the Lanpi International Business Center in Shenzhen, China for office use to OCT Huaxin, with a total gross floor area of approximately 364.01 square meters. Monthly rent for the first year was RMB 71,346.80. After the lease expires for one year, it will increase by 5% every year starting from the second year.

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