Minmetals Land Limited announced the China Minmetals Framework Agreement expired on 27 September 2023. The Directors expect that the Group will continue to provide property management services to China Minmetals Group. In this connection, on 28 September 2023, the Company and China Minmetals entered into the Renewal China Minmetals Framework Agreement for a term of three years, commencing from 28 September 2023 and ending on 27 September 2026 subject to the Annual Cap Amounts. The Group shall provide property-related management services and any other related ancillary services to China Minmetals Group, including but not limited to security, cleaning, repair and maintenance services, sales office management, property management services for unsold residential units, other customer-related services such as relationship building with property owners and any requested services and agency fees for sale of properties in respect of (including but not limited to) its real estate development projects, sales offices, industrial parks and carparks, during the term of the Renewal China Minmetals Framework Agreement. China Minmetals Group and the Group shall enter into specific services agreements in respect of the above matters as required from time to time during the term of the Renewal China Minmetals Framework Agreement subject to the terms of the Renewal China Minmetals Framework Agreement. The specific services agreements shall set out the necessary terms and conditions for the relevant transactions contemplated after the arm's length negotiation on normal commercial terms. The amounts for the property management services provided under the Renewal China Minmetals Framework Agreement shall be paid and settled in RMB and at such times and in such manner as specified in the specific services agreements to be entered into. Such payment and settlement terms shall be fair and reasonable and no less favourable
than the market terms offered by the Group to Independent Third Parties.