Wal-Mart has opened a new outlet, its 148th store in China, on the second and third floors of Changshan Lake Shopping Plaza in Changle city, Fujian.

The Hong Kong-listed Golden Eagle Retail Group Limited has announced that the company has signed an agreement with the Nanjing Golden Eagle International Group to fully acquire its wholly-owned subsidiary Shanghai Fude Shiji Investment, the owner of the Golden Eagle Shopping Plaza located in Shanghai.

Located in Zhongyuan District, the Wal-Mart shopping plaza will cover 86 acres and the construction area is about 180,000 square meters. A total investment of CNY1.2 billion will be put in this project and the expected construction cycle is about 30 months.