Taste Gourmet Group Ltd. (8371.HK), a chain of restaurants and kiosks operator, Monday announced that it has signed a new lease agreement for the opening of a new golden dragon sizzler restaurant in Hong Kong.
On the Hong Kong Stock Exchange, the shares were trading 2.19 percent higher at HK$ 1.870.
The lease, which commenced on October 20, is for 3 years with an option to renew it for 3 more years.
The company stated that the landlord is a property developer and operator of premium shopping malls in Hong Kong and is an independent third party of the company.
Also added that the conditions were determined after an extended negotiation between the landlord and the group reasoning out the prevailing market rentals for properties of similar type, age and location.
The site is situated in the Tsuen Wan West district comprising various specialty dining options and is connected to a number of residential properties as well as shopping malls.
The new restaurant is expected to open in the fourth quarter of fiscal 2025.
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