09:35     MIDLAND REALTY<01200> - Announcement (3)                            

    real estate agency business and the renewal of                            
    Agreement A is for continuing operation of the                            
    relevant branch. The new leases of the shop spaces                        
    under Agreements B and C are also used as new branches                    
    for real estate agency business and is part of the                        
    Group's strategic expansion plan to extend coverage.                      
    The Directors believe that the above new branches will                    
    bring about steady income to the Group.                                   
                                                                              
    The rental payments under Agreements A to C were                          
    determined with reference to the open market for                          
    properties of similar size and location and                               
    prevailing market conditions.                                             
                                                                              
    The Directors, including the independent                                  
    non-executive Directors, consider that the entering                       
    into of Agreements A to C is in the ordinary and usual                    
    course of business of the Group, on normal commercial                     
    terms which were negotiated at arm's length, are no                       
    less favourable to the Group than those available to                      
    independent third parties, are fair and reasonable                        
    and are in the interests of the Company and its                           
    shareholders as a whole.                                                  
                                                                              
    RELATIONSHIP BETWEEN THE PARTIES                                          
    As each of Get Best, Vision Dynasty and Goal Precise                      
    is an associate of Mr. Wong, the Chairman, Managing                       
    Director and substantial shareholder of the Company                       
    as disclosed in the "General" section below, each of                      
    these parties is a connected person of the Company                        
    for the purpose of the Listing Rules. Agreements A                        
    to C therefore constitute continuing connected                            
    transactions of the Company under Rule 14A.14 of the                      
    Listing Rules.                                                            
                                                                              
    Given that the aggregate annual cap payable by the                        
    Group under Agreements A to C represents less than                        
    2.5 per cent. of the applicable percentage ratios of                      
    the Company under the Listing Rules, Agreements A to                      
    C are subject to reporting, announcement and annual                       
    review requirements under Rules 14A.45 to 14A.47 and                      
    Rules 14A.37 to 14A.40 of the Listing Rules                               
    respectively and no Independent Shareholders'                             
    approval is required.                                                     
                                                                              
    Details of the Agreements will be included in the                         
    annual report and accounts of the Company of each of                      
    the relevant financial years in accordance with Rule                      
    14A.46 of the Listing Rules.                                              
                                                                              
    INFORMATION ON THE COMPANY                                                
    The Company is principally engaged in property                            
    broking services in Hong Kong, Macau and the People's                     
    Republic of China.                                                        
                                                                              
    GENERAL                                                                   
    As at the date of this announcement, the Board of the                     
    Company comprises eight Directors, of which five are                      
    Executive Directors, namely Mr. Wong Kin Yip, Freddie,                    
    Mr. Cheung Kam Shing, Ms. Lam Fung Fong, Mr. Chan Kwan                    
    Hing and Mr. Kwok Ying Lung and three are Independent                     
    Non-executive Directors, namely Mr. Koo Fook Sun,                         
    Louis, Mr. Sun Tak Chiu and Mr. Wang Ching Miao,                          
    Wilson.                                                                   
                                                                              
    In this announcement, the following expressions have                      
    the meanings set out below unless the context requires                    
    otherwise:                                                                
                                                                              
    "associate(s)"  has the meaning as ascribed under                         
    the Listing Rules                                                         
                                                                              
    "Board" the board of Directors