News

Commercial Property Retail

Staff Reporter

, Singapore

Published:

1 year ago

Photo from Freepik

Dasin Retail Trust ends management deals for Shunde, Tanbei metro malls

Its minority directors did not participate in the voting for the termination.

Dasin Retail Trust (DRT) has ended its commercial and property management agreements for Shunde Metro Mall and Tanbei Metro Mall.

DRT entered these agreements on 31 October 2022 with Foshan Shunde Dasin Metro-Mall Commercial Management Co., Ltd and Zhongshan Yuanteng Commercial Property Management Co., Ltd, with an expiration date of 31 October 2024.

In a bourse filing, DRT said minority directors Zhang Zhencheng and Zhang Zhongming did not participate in the voting for the termination.

DRT said its board considers the minority directors conflicted due to the significant outstanding receivables related to the properties, including those from their associates.

Additionally, the incumbent managers of the properties are associates of the minority directors.

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Dasin Retail Trust

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