Lifestyle International (01212.HK)said that it has made a successful bid for the land use right in respect of a piece of land 50,153.5 sqm in area at 312 Street, Zhabei District, Shanghai at RMB2.467 billion (HK$3.012 billion) through an open tender organized by the Shanghai Land Transaction Centre.

The site is for "commercial, other commercial service, office and recreational uses".

Lifestyle said that as it intends to develop the land into a commercial complex including a lifestyle department store, the acquisition enables its group to put another foothold in this important market and leverage the group's networks and resources in Shanghai. In addition, as the land will be developed by the group itself, the use of the land can be tailor-made according to the needs of its department store operation and the group's other retail business requirements.