News Detail

Date/Time
22 Jun 2017 18:33:00
Headline
Supplemental to the Lease and Sublease Agreement of Quality Houses Hotel and Residence Freehold and Leasehold Property Fund ("QHHR")
Symbol
QHHR
Source
QHHR
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                Land and Houses Fund Management Co.,Ltd. as the management company of Quality 
Houses Hotel and Residence Freehold and Leasehold Property Fund ("QHHR") has
signed the Lease and Sublease Agreement (as specified below) with Centre Point
Hospitality Co.,Ltd ("Lessee") (Centre Point Hotel and Residence Project) dated
19 July 2012 and then made a memorandum of understanding to extend the lease
period to the Lease and Sublease Agreement dated 18 July 2015
("Lease and Sublease Agreement").
    Per a royal decree issued under the Thai revenue code, property funds have 
received privileges which are VAT exemption (issue 608, 2016), specification of
businesses that can exempt from specific businesses tax (issue 607,2016) and
revenue code exemption (issue 610, 2016). However, per Royal Thai Government
Gazette volume 133 parts 46 Kor stated on 24 May 2016, there would be no further
exemption of VAT exemption, revenue code and revenue stamp for property funds.
This would become effective one year after since declaration date in Royal Thai
Government Gazette.
    Therefore, QHHR need to add an additional memorandum of understanding as a 
supplemental document to Lease and Sublease Agreement to specified proportion of
movable and immovable assets as stated therein to be compliance with the law as
 required ("MOU").
QHHR would like to inform unitholder the rationale of the additional memorandum 
of understanding as the supplemental document to the Lease and Sublease
Agreement (Centre Point Hotel and Residence Project) and would like to further
inform that such MOU would not create any impact to the benefit of unit holders.
 
     Please kindly be informed accordingly
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