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Zhongmin Baihui unit sets up new company for China retail business
ZHONGMIN Baihui Retail Group's wholly-owned subsidiary, Zhongmin Baihui (Fujian) Logistics Co, Ltd (ZMBH Fujian), has inked a deal with Chongqing Sasseur Outlets Commercial Management Co, Ltd (CQ Sasseur), to form a new company to take over ZMBH Fujian's stake in an earlier joint venture.
The joint venture, announced in April, was set up between ZMBH Fujian and Changsha Mingfa City Construction Development Co, Ltd, to operate and manage a shopping centre within the Changsha Mingfa International City commercial development in China.
The newly set-up company, announced on Thursday, will be principally involved in holding, managing and operating the joint venture. And CQ Sasseur - part of the Sasseur group of companies, which manages several large scale retail complexes in China - will be responsible for the management and operations of the new company.
Zhongmin Baihui Retail Group's announcement said Changsha Mingfa International City has a total gross floor area of approximately 360,000 square metres, and is an integrated commercial complex comprising a shopping centre, office building and hotel. The shopping centre has a gross floor area of approximately 200,000 square metres, spanning five levels. It is expected to start operations by end 2018 and is likely to be named as Sasseur Changsha Outlets.