December 21, 2012 / 2:00 AM / 5 years ago

Parkson's HK unit to pay as much as $252 mln for China shopping mall

KUALA LUMPUR, Dec 21 (Reuters) - 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 agreement.

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 exchange. ($1 = 6.2302 Chinese yuan) (Reporting By Anuradha Raghu; Editing by Niluksi Koswanage)

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