William is the CEO and controlling shareholder of HK Hotels (HKH). HKH is listed on SEHK and owns and operates a number of luxury hotels across Asia. William has been aware for a few years that HKH is lacking a significant presence in China and so HKH has recently been negotiating with a Beijing based property developer(Beijing Properties - BP) in relation to entering into a development agreement with them to establish a flagship luxury HKH hotel in Beijing. The hotel will be built to HKH's exacting standards by BP. Once completed, the hotel will be operated by HKH. HKH will keep the majority of the revenue derived from its operation but for10 years it will share 25% of the revenue earned by the hotel with BP as payment for the building and land costs. At the end of this 10 year period, ownership of the building will be transferred to HKH. William estimates that, if things go to plan, its payment to BP will be close toHK$1 billion per year for the 10 year period. William is hoping the development agreement with BP will be agreed and signed by both sides within a week or two. He's very excited about breaking the news of the deal to some major investors in HKH he is meeting later today.

2.1. Based only on the information above, advise William of HKH's Listing Rule and other relevant obligations relating to the development agreement, both now and when it is signed later. (5 marks)