Beijing Hualian to acquire 60% stake in local shopping mall

Jul. 29, 2009 (China Knowledge) - Beijing Hualian Group Investment Holding Co Ltd today announced that it has signed a contract with a local investment firm belonging to the Chinese Academy of Sciences to purchase a 60% stake in a shopping mall in Zhongguancun, Haidian District, Beijing called One Mall, sources reported.

One Mall, which cost RMB 1 billion and started operation in September last year, covers a land area of 37,525 square meters and has a combined floor area of 110,000 sq m. The huge mall has five stories above ground and two stories underground, and around 60,000 sq m is for lease.

Within one year after the purchase, Beijing Hualian Group Investment will sell the 60% stake to one of its two listed subsidiaries, namely Beijing Hualian Department Store Co Ltd<000882>, which is engaged in the development of apartments and supermarkets as well as commercial properties. 

Beijing Hualian Group's other listed subsidiary is Beijing Hualian Hypermarket Co Ltd<600361>.