Wumart has signed an agreement with Beijing Yuchang Property Company to purchase about 20000 square meters of Shidai Fengfan Plaza.
Under their agreement, Wumart will spend about RMB154 million on purchasing the property which is located at Majiabao in Fengtai District of Beijing.
Wumart will buy four above-ground floors of the building and four floors underground. The unit price for the underground floor is RMB6800 per square meter and that for the above-ground floor is RMB9500 per square meter after the RMB2 million preferential price offered by the developer is deducted.
A representative from Wumart says that purchasing property instead of renting it is more cost effective for Wumart in the long run.