According to information from the extraordinary general meeting of Shandong Yinzuo Group Company Limited, Yinzuo Weifang, a subsidiary of the group, will acquire the Fortune Plaza Shopping Center project in Weifang for CNY465.207 million.
The main body of the project has reportedly been completed and is currently undergoing renovation. It is expected to be completed and open to the public before the end of 2010.
The Shandong-based department store and supermarket operator said that the acquisition is in line with its regional development strategy and aims to expand the Weifang retail market while improving its regional competitiveness. At present, Yinzuo has three outlets in Weifang, including a 35,000-square-meter department store.
As a regional department store and supermarket giant in Shandong, Yinzuo has entered ten out of the 17 major cities in the province with 42 stores. With all stores combining the department store and supermarket models, the company has a total construction area of 1.102 million square meters. According to the related department of the company, Yinzuo plans to open at least eight new outlets in China in 2010.
In addition, its issuance of CNY850 million corporate bonds was approved at the general meeting and the plan will be implemented in the next two months. All the raised funds will be added to the company's working capital.