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 KUALA LUMPUR (Oct 9): Kanger International Bhd’s unit, Ganzhou Kanger Industrial Co Ltd, has entered into an agreement to lease the AutoCity Building in China to Ganzhou Jiache Automobile Trading Co Ltd.

In a filing with Bursa Malaysia today, Kanger said the building in the Ganzhou Economic and Technological Development Zone will be specially outfitted primarily for used passenger vehicles in the mid to high-end market segments.

“The agreed-upon monthly rental income from the building between Dec 1, 2020 and Nov 30, 2024 shall be Chinese yuan (CNY) 969,959.88, at a monthly rental rate of CNY24.00 per square metre; and between Dec 1, 2024 and Nov 30, 2040 the rental income will be CNY1,050,789.87 at a monthly rental rate of CNY26.00 per square metre,” said the investment holding company.

The building has a total floor area of 40,414.995 square metres, and the duration of the lease agreement is 20 years, effective Dec 1, 2020, it added.