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City e-Solutions Ltd's Richfield Enters Into Three Supplemental Agreements

Tuesday, 15 Jan 2013 05:01am EST 

City e-Solutions Ltd announced that Richfield, an indirect non-wholly owned subsidiary of the Company, had on January 15, 2013 entered into three supplemental agreements, pursuant to which Richfield will continue to provide the Property Management Services to the Owners in relation to the three Hotels. The Property Management Services will be provided as per the terms and conditions set out in the Management Agreements and as renewed by the Supplemental Agreements for a further period of three years, commencing from January 1, 2013. The Property Management Services will be provided at the rate of 2% of the gross revenue of the Hotels, to be invoiced by Richfield on a monthly basis. The service fee has been arrived at after arm’s length negotiations between the parties taking into account the internal resources and costs required of the Group to deliver the Property Management Services. 

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