Intime Department Store has announced its acquisition of the entire interest of Hubei Wuluo at a price of CNY56.5 million.
Before its acquisition, Intime China and Beijing Guojun respectively owned 83.33% and 16.67% interest in Hubei Wuluo.
Hubei Wuluo was established on September 17, 2009, with a registered capital of CNY60 million. It is mainly engaged in the development and operation of Luojia Creative Park in the central business district of Wuhan, which includes a large shopping mall under construction.
Intime indicated that after its development of Luojia Creative Park, the company will have access to a property with a building area of approximately 110,000 square meters for a major modern shopping center, which will help consolidate its status in the local market as well as the central China region.