However, DRT’s minority directors, Zhang Zhencheng and his alternate, Zhang Zhongming, have not voted in the resolution to terminate the agreements. According to DRT, it believes that Zhencheng and Zhongming are “conflicted” due to several reasons including the properties having a “significant amount of outstanding receivables” in spite of the services that were supposed to be performed by DRT’s incumbent managers, which are associates of Zhengcheng and Zhongming.
Dasin Retail Trust (DRT) has decided to terminate the commercial and property management agreements with Foshan Shunde Dasin Metro-Mall Commercial Management Co., Ltd. and Zhongshan Yuanteng Commercial Property Management Co., Ltd., announced the trustee-manager late on Oct 15.
Foshun Shunde and Zhongshan Yuanteng are the rental management companies of Shunde Metro Mall and Tanbei Metro Mall. DRT’s trustee-manager says it intends to terminate the agreements when they expire on Oct 31. The agreements were entered into on Oct 31, 2022.
