November 8: Lander Sports has signed a deal with Zhihui Real Estate (Chinese: 智慧地产) to accelerate the construction of its sports projects, according to an official report.
The sports company’s subsidiaries, Hangzhou Lander Lingang, Hangzhou Lander Jiusha Sports, Lander Western Sports-Panlong Branch, Lander Sports Venue Management and Nanjing Lander Real Estate, also signed commission contracts with Zhihui, worth about 8 million yuan in total.
The contracts have become connected transactions since Zhihui and the subsidiaries share the same controller.
Lander Sports is currently looking to create a commercial model featuring sports towns, urban sports complexes and sports fitness stadiums. The company says that it aims to set up a mutually beneficial agreement through those contracts.
According to its first-half report 2017, the Shenzhen-listed company reported a total revenue of 996 million yuan, a 23.36% year-on-year decrease and 28.1574 million yuan in sports revenue, a 1002.69% year-on-year growth.
Proofread by William Logsdon