Parkson Retail to buy shopping mall in Qingdao

RetailME Bureau

Parkson Retail Group Ltd. plans to buy a shopping mall in the eastern Chinese city of Qingdao for $232 million.

Qingdao Lion Plaza Retail Management, a wholly-owned unit of Parkson Retail, agreed to buy a shopping mall located in the Laoshan district of Qingdao from Shanghai Industrial Qingdao Development Co.

The shopping mall, which has a planned gross floor area of about 2.3 million sqft is expected to complete construction by July 2015.