China Resources Land Clarifies Service Agreement Terms

China Resources Land (HK:1109) has released an update.

China Resources Land Limited has provided additional details on their Construction Management Service Framework Agreement, emphasizing the arm’s-length nature of service fee negotiations and the measures in place to ensure competitive pricing with market rates. The company underlines the steps taken to regularly assess market conditions and adjust fees to maintain fairness and competitiveness when compared to independent third parties. Furthermore, they have outlined the handling of project construction funds, ensuring that amounts received for construction management services from CR Beverage Group in 2022 and 2023 were within the de minimis threshold, exempting them from connected transaction rules.

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