Midland's Chief Executive Officer (Hong Kong and Macau) said yesterday that the group's 30 branches plan not to renew their leases at the end of their tenancy agreements to reduce costs due to a significant drop in property transactions.

The number of property transactions in Hong Kong fell significantly during the year due to the overall economic environment, and it is expected that the number of first-hand transactions will not exceed 10,000 and second-hand transactions will not exceed 40,000 for the year.

Since the beginning of the year, the group has been optimizing the staffing structure, natural wastage of about 400 people during the year, the current balance of about 4,800 employees.

Bu Shao Ming said that in the near future there will be 30 branches lease expiration, is not expected to renew the lease.

He also revealed that the future renewal of its branches, will ask the landlord to reduce rents, individual street stores will ask for a 30% to 50% reduction in rent, and some of the stores located in the new development area of the mall, because the monthly rent of more than 1 million yuan, its rental level is much higher than other industries, so will ask the large landlord to reduce rents by 70% to 80%.

The group will continue to optimize its manpower and store size in the coming year, while further increasing its overseas business outside of Hong Kong in the future.

In addition, the Group was appointed by Zhuhai Huafa Group to exclusively sell approximately 170 units of the Hengqin residential project "IFC│Qin'ao Bay 1" and "Huafa Plaza Phase III│Hangqin Aloha".

Cheng Wai Man, Assistant General Manager of Huafa Industrial (Hong Kong), said that 1 Qingao Bay is a mixed-use property, including commercial, Grade A offices and high-end luxury residential units.

Hengqin Aloft, a residential project of Wah Fat Plaza III, offers 544 units with sizes ranging from 79 to 123 square meters at prices ranging from approximately $3.8 million to $6.5 million.

Midland Group announced the promotion of Ma Taiyang to the position of Chief Executive Officer of HK Land with effect from November 16, reporting directly to Midland Group Vice Chairman Wong Ching Yee.

The appointment reflects the Group's spirit of "promotion with performance", which is based on merit, and the promotion of those with fighting spirit to be the top generals to enhance the team's competitiveness and meet the challenges and opportunities of the future property market.