Annual Report 2019

078 Annual Report 2019 Miramar Hotel and Investment Company, Limited Report of the Directors (1)(b) On 14 November 2018, a tenancy agreement (the “New Tenancy Agreement”) was entered into between Shahdan as landlord and Union Medical as tenant, whereby Shahdan agreed to let to Union Medical the premises upon the terms as detailed below: Premises : Units 1801–18 on the 18th Floor, Mira Place Tower A, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong. Term : Three years, commencing from 1 February 2019 to 31 January 2022 (both days inclusive). Rent and other charges : The rent payable on a monthly basis (exclusive of government rates, management fee and air-conditioning charges) (payable in advance on the 1st day of each month) during the term is HK$2,051,176.00; The aggregate monthly management fee and air-conditioning charges (subject to the periodic review or revision by Shahdan or its designated property manager) (payable in advance on the 1st day of each month) is HK$304,904.60; and Extra chilled water supply costs may be charged by Shahdan to Union Medical for additional chilled water supply required by Union Medical which is beyond the specified normal daily chilled water supply hours. Usage : To be used as a clinic only. Units 1808–11 was surrendered by signing an Agreement for Partial Surrender on 30 August 2019. Union Medical is a connected person of the Company thereby rendering the New Tenancy Agreement a continuing connected transaction for the Company under Chapter 14A of the Listing Rules.