According to the Hong Kong Stock Exchange, Lifestyle International, a Hong Kong department store giant, wants to become a shareholder of Beiren Group, a state-owned retail group in Shijiazhuang.
To finance this it plans to sell some of its shares of a shopping building in Shijiazhuang, Hebei Province
Lifestyle International says that the transaction is still under discussion and it is still uncertain as to whether it can be implemented or not.
Lifestyle International's connection with Beiren Group began in October 2007 when it acquired a 60% share of a joint venture and became the owner of Xiantianxia Plaza. Beiren Group was the only lessee of the plaza and had opened many retail stores there.
Beiren Group is a wholly state-owned corporation and the biggest commercial enterprise in Hebei. It has six department stores, eleven supermarkets, five appliance stores, three franchise stores, and thirteen brand chain stores. It is also the general agent of Chow Tai Fook Jewellery in North China.