New World Development Company Limited entered into the 2026 Master Hotel Leasing Agreement and the 2026 Master Hotel Management Services Agreement with Chow Tai Fook Enterprises Limited. On April 24, 2026, the Company and CTFE entered into the 2026 Master Hotel Leasing Agreement, pursuant to which the members of the Group will enter into the HL Transactions with the members of the CTFE Group, and agreed to terminate the 2017 Master Hotel Leasing Agreement upon the 2026 Master Hotel Leasing Agreement becoming effective on the Hotel Leasing Effective Date. On April 24, 2026, the Company and CTFE entered into the 2026 Master Hotel Management Services Agreement, pursuant to which the members of the Group will enter into the MS Transactions with the members of the CTFE Group, and agreed to terminate the 2017 Master Hotel Management Services Agreement upon the 2026 Master Hotel Management Services Agreement becoming effective on the Management Services Effective Date.
The 2026 Master Hotel Leasing Agreement is for a term of 15 years commencing from July 1, 2026 and expiring on June 30, 2041, unless terminated earlier in accordance with the 2026 Master Hotel Leasing Agreement. Upon expiration of the Initial Term or any subsequent renewal term, the 2026 Master Hotel Leasing Agreement will be automatically renewed for a successive period of 15 years, unless terminated earlier in accordance with the 2026 Master Hotel Leasing Agreement. The HL Annual Caps for each of the three financial years ending June 30, 2027, 2028 and 2029 will be HKD 334.2 million, HKD 342.7 million and HKD 350.8 million, respectively.
The Company will re-comply with the Listing Rules in relation to the determination of the annual caps for the HL Transactions for the remaining term of the 2026 Master Hotel Leasing Agreement. The aggregate transaction amounts paid by the CTFE Group to the Group under the 2017 Master Hotel Leasing Agreement for each of the two financial years ended June 30, 2024 and 2025 and the six months ended December 31, 2025 were approximately HKD 281.0 million, HKD 272.1 million and HKD 146.1 million, respectively. The 2026 Master Hotel Management Services Agreement is for a term of 15 years commencing from July 1, 2026 and expiring on June 30, 2041, unless terminated earlier in accordance with the 2026 Master Hotel Management Services Agreement.
Upon expiration of the Initial Term or any subsequent renewal term, the 2026 Master Hotel Management Services Agreement will be automatically renewed for a successive period of 15 years, unless terminated earlier in accordance with the 2026 Master Hotel Management Services Agreement. The MS Annual Caps for each of the three financial years ending June 30, 2027, 2028 and 2029 will be HKD 328.3 million, HKD 338.6 million and HKD 347.8 million, respectively. The Company will re-comply with the Listing Rules in relation to the determination of the annual caps for the MS Transactions for the remaining term of the 2026 Master Hotel Management Services Agreement.
The aggregate transaction amounts paid by the Group to the CTFE Group under the 2017 Master Hotel Management Services Agreement for each of the two financial years ended June 30, 2024 and 2025 and the six months ended December 31, 2025 were approximately HKD 220.6 million, HKD 227.4 million and HKD 118.9 million, respectively.
