Beijing Wangfujing Department Store (Group) (600859) said yesterday it will invest 430 million yuan to build a large-scale shopping center in Foshan, Guangdong province, reports yicai.com, citing a company filing.

According to the report, Wangfujing Department Store plans to jointly lease a plot of land on Jihua road in Chancheng district with Guangzhou Xiongshenghongjing to build the shopping center, which will cost 860 million yuan to construct and will have a total construction area of about 200,000 square meters, including commercial space of approximately 110,000 square meters.

The shopping center is expected to be put into operation in 2014.

Wangfujing Department Store will manage the center's operations, and said it will obtain rights to manage the center for 40 years.

Source:capitalvue.com