Times Universal Ends Chongqing Office Lease After Landlord Dispute

Times Universal Group Holdings ( (HK:2310) ) just unveiled an update.

Times Universal Group Holdings’ wholly owned unit Nuofute Property Management has mutually agreed with Chongqing Tianfan Industrial to end early a 10-year lease for office premises in Chongqing, effective 31 January 2025. The move follows the landlord’s decision to relet the space and Nuofute’s relocation to new premises from February 2025.

Under Hong Kong accounting standards, the early termination requires the group to derecognise the related right-of-use assets and lease liabilities, treating the change as a disposal for listing rule purposes. The decision comes after Nuofute filed a bankruptcy application against the landlord over RMB13.5 million of unpaid management fees, and the board maintains that the termination will not materially impact the group’s operations or financial position.

More about Times Universal Group Holdings

Times Universal Group Holdings Limited is a Hong Kong-incorporated company principally engaged in hotel operations and the provision of property management services. Through subsidiaries such as Nuofute Property Management, the group manages commercial properties including office buildings, with exposure to tenants and landlords in mainland China’s real estate market.

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