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2007-12-31 09:56:00 a.m. HKT, XFNA
HK-listed Intime Department Store buys into Zhejiang firms for 1.05 bln yuan
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HONG KONG (XFN-ASIA) - Intime Department Store (Group) Co Ltd said one of
its units won a bid to buy 50 pct stakes in Hangzhou Hubin International
Commercial Development Co Ltd and Hangzhou Xin Hubin Commercial Development
Co Ltd for a total of 1.05 bln yuan.
Intime Department Store said its unit Hangzhou Intime North Hill
Enterprise Management Co Ltd has entered into an agreement to acquire 50 pct
of Hangzhou Hubin International for 749.29 mln yuan and another agreement to
buy 50 pct of Hangzhou Xin Hubin for 301.54 mln yuan.
Hangzhou Hubin International and Hangzhou Xin Hubin are both engaged in
operation and management of commercial and tourist-oriented retail
establishments in Hangzhou, Zhejiang.
Intime Department Store said the proposed acquisitions are in line with
its strategy of operating medium to high-end shopping centers in prime
locations.
(1 usd = 7.3 yuan)
jun.concepcion@xfn.com xfnjcc/xfnrc
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