Shirble Department Store (HKG:0312) said that it has acquired the commercial property with a gross floor area of 18,933.38 sqm at Hongcheng Avenue Central, Haifeng County, Shanwei, Guangdong Province at a cash consideration of RMB168 million (HK$206.9 million). The group plans to open a new department store at the property in or around the third quarter of 2012.

Based on the current rental level of similar properties in the region, the directors consider that if the group leased the property at market rate for a term of 20 years with annual upward adjustment of 1%, which is normal for the leased premises of the group's new department stores, the total rental amount that would have been required to be settled by the group would exceed the amount of the purchase price.

As stated in its prospectus, the company plans to establish eight new department stores by 2012.