Maoye International (00848.HK) announced that its 97.31%-owned subsidiary, Taizhou First Department Store, has entered into a lease agreement to lease the first to fifth floor of the property situated at 142 Western Street of Licheng Town, Liyang City, Jiangsu Province, the PRC, car park area and communal area from Liyang Fenglian Property Development Co., Ltd.

The first to fifth floor of the property has an aggregate gross floor area of 24,311.52 sqm.

The initial term of the lease agreement is 20 years. Maoye plans to operate a department store within the leased property under the "Maoye" brand and the department store is expected to open in 2012.

On 14 December 2011, Taizhou First Department Store also entered into a supplemental lease agreement with the lessor to lease part of the fifth and sixth floor of the said property with an aggregate gross floor area of 470 sqm.