Parkson unit that owns Beijing store sold

Kuala Lumpur

AN indirectly owned unit of Parkson Holdings Bhd (PHB), which owns the loss-making Beijing Sun Palace Parkson department store in Chaoyang district in the capital city, has been sold to a Chinese asset-and-investment management company for a total equity consideration that includes 1.67 billion yuan cash (S$341 million).

A unit of Hong Kong-listed Parkson Retail Group Ltd (PRG) has disposed of its entire equity interest in Beijing Huadesheng Property Management Co Ltd, a wholly owned China subsidiary, to two Chinese companies ultimately owned by ZRiver Capital Investment Management Ltd, PHB said in a filing to Bursa Malaysia.