CPDSG Transfers Stake To Shenzhen Maoye

Chengdu People's Department Store Group has transfered 75% of the stake and related liabilities of Chengdu People's Department Store Company and 5% of the stake and liabilities at Chongqing Dikang Department Store to Shenzhen Maoye Emporium Limited for RMB49.7989 million.

Chongqing Dikang Department Store is a holding subsidiary of Chengdu People's Department Store Company which holds about 95% of the company's stake. Chengdu People's Department Store Group holds 5% of the stock of Chongqing Dikang, so with this transfer, Chongqing Dikang has totally separated from Chengdu People's Department Store Group.

Chengdu People's Department Store Company was founded in April 2004 by Chengdu People's Department Store Group and the legendary figure of Chinese department store business Wang Deming. However, the company has been suffering continual losses since its opening, and this is why the group has decided to have it sold.