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Parkson Retail shells out $66 million for one store in China

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Parkson Retail Group Ltd., owned by Malaysia’s Lion Group, will buy Golden Village Group Ltd., for $66 million. Golden Village Group Ltd., is a company that owns the company, which owns and operates K&M Store in Nanchang, Jiangxi’s capital city. K&M Store is one of the biggest department store in China’s central province of Jiangxi. This purchase will be made in cash.

Golden Village’s net income rose to 33 million yuan last year, from 283,000 yuan in 2005, sales rose 28 per cent to 549 million yuan last year. K&M’s sales rose 45 per cent last year to 149.1 million yuan. The Chinese government supports domestic spending to reduce the economy’s reliance on exports and fixed-asset investment.

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