Zhejiang Yintai Department store spent 263 million yuan to buy all the shares of Shenyang Yintai

Yintai department Store (1833. HK) 14th announced the purchase of 263 million yuan to buy all the shares of Shenyang Yintai and shareholder loans. As at the end of 2006, the net profit of Shenyang Yintai was about $2.398 million, while the total of the unaudited liabilities at the end of November 2007 was about $175 million, of which $117 million was for shareholder loans and property valued at about $321 million. Shenyang Yintai mainly engaged in the department store property Development, management and management business, the main assets are located in Liaoning province Shenyang Huanggu District intimebuilding Total construction area of 47160.04 square meters of property. As the main department store in Zhejiang Province, Yintai department stores began a series of acquisitions since the end of last year. In mid-November, Yintai department store established a joint-venture department store in Jiaxing, Zhejiang province. Total investment of 800 million yuan, of which Yintai accounted for 60%; at the end of November, Yintai department store also spent 500 million yuan to acquire the interests of a store in Hangzhou; At the end of December, the company again announced the acquisition of 1.053 billion yuan Hangzhou Lakeside International and the new lakeside 50% of the stake. In May of this year, the Rakuten retail store, which was 50% by Yintai department store, will open in Beijing's Wangfujing shopping district. This joint venture by South Korea's Lotte department store has a total area of 83,600 square meters, operating area of 42,900 square meters. In recent years, Yintai department stores have also expanded to Wuhan, Chongqing, Yellowstone and other fields. So far, Yintai department stores in the country under construction and has been operating in the department stores have reached 15, 2007 sales are expected to reach nearly 6 billion yuan. Yintai department store expects that by 2010 its stores in Zhejiang will reach 20, in central China to 10, single store investment will be within 50 million U.S. dollars. 2005, Yintai department store into the international famous United States Warburg Pincus Investment Group as the company's strategic development partners, Warburg Pincus Investment Yintai department store 90 million U.S. dollars, March 20, 2007, Yintai department Store (1833. HK) landed at the Hong Kong exchange to finance HK $2.4255 billion (USD 310.96 million).