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GERG News

2009.01.06

Golden Eagle Enters into Lease Agreements for Shanghai Store and Nanjing Zhujiang Store

(5 January 2009 ĘC Hong Kong) Golden Eagle Retail Group Limited ("Golden Eagle" or the "Company", together with its subsidiaries, the "Group"; Stock code: 3308), a premium department store chain in the PRC, announced today that it entered into a Lease Agreement with Shanghai Fude Shiji Investment Limited ("Shanghai Fude"), and the Second Supplemental Agreement with Nanjing Zhujiang No.1 Industry Co. Ltd. on 29 December 2008 respectively. Pursuant to which, the Group will lease an aggregate gross floor area ("GFA") of approximately 19,668 sq. m at Shanghai Golden Eagle Shopping Plaza ("Shanghai Store") and an additional 6,278 sq. m at Zhujiang No.1 Plaza ("Nanjing Zhujiang Store").
In regard to the Lease Agreement for Shanghai Store, the lease term is 20 years, commencing from the date on which Shanghai Store commences operation, which is estimated to be in the second quarter of 2009. The consideration will be equivalent to 5% of gross sales proceeds ("GSP") derived from the operation of Shanghai Store less the relevant value-added tax.
According to the Second Supplemental Agreement for Nanjing Zhujiang Store, the Group's GFA at Nanjing Zhujiang Store will increase by approximately 6,278 sq. m to a total GFA of 30,823 sq. m. The consideration will be equivalent to 5% of gross sales proceeds ("GSP") derived from operation less the relevant value-added tax.
Mr. Roger Wang, Chairman of the Group, said "Capitalizing on our strong management and the extensive tenant base of Shanghai Store, we endeavor to commence our own business operations in Shanghai, which will become a platform for the Group to collaborate with international brands. Meanwhile, Nanjing Zhujiang Store has been doing well since its launch in late 2007. With its prime location in the thriving business area and being right above the metro line, we are confident that increasing the size of this store will bring us attractive returns. Looking ahead, the Group will continue to adopt a prudent yet proactive approach in business expansion, so as to establish a nationwide chain store network and maximize shareholders' interests."

 
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