China's sixth largest chain store Beijing Hualian Group, has acquired Seiyu Singapore, a retail department store operator.
China Daily reports that it bought the Singapore branch, with three stores currently in operation, of Japan-based Seiyu Ltd from CapitaLand Ltd, the top real estate developer in the Southeast Asian country. The acquisition cost 4 million Singapore dollar, or around 19.12 million yuan (US$2.36 million).
Japan Seiyu Ltd is Wal-Mart's subsidiary, as Wal-Mart has increased its stake in the Japanese retailer to 54% with an additional 67.5 billion Japanese yen or US$565 million last December.
Ji Xiao'an, chairman of Beijing Hualian Group, told China Daily the transaction was progressing smoothly and his company is optimistic about the future of Seiyu Singapore.