KUALA LUMPUR Dec 21 A Hong-Kong listed unit of
Malaysia's Parkson Holdings Bhd will pay as much as
1.57 billion yuan ($252 million) to own a shopping mall in
eastern China from Shanghai Industrial Development Co. Ltd
Parkson Retail Group Ltd said in a statement to
the Kuala Lumpur stock exchange on Thursday that the five-storey
Qingdao Shopping Mall comes with a 40-year land use rights
Under the agreement signed with Shanghai Industrial, Parkson
Retail will either take over a completed shopping mall costing
1.57 billion yuan or acquire the project when it is under
construction for 441.6 million yuan including additional costs.
Parkson Holding shares were unchanged in morning trade.
Parkson Retail shares dropped 1.1 percent on the Hong Kong stock
($1 = 6.2302 Chinese yuan)
(Reporting By Anuradha Raghu; Editing by Niluksi Koswanage)