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Beijing Hualian buys Seiyu Singapore
Last Updated(Beijing Time):2005-12-02 14:14

SINGAPORE - Beijing Hualian Group, one of China's largest supermarket and department store operators, Friday signaled its intent to expand into Southeast Asia with the purchase of Seiyu Singapore for S$4 million.

Seiyu Singapore currently has three department stores - Junction 8 in northern Singapore, Lot 1 Shoppers' Mall to the northwest, and Bugis Junction in the city center. The three stores occupied a total of 203,559 square feet of retail space as at 31 July.

Beijing Hualian Chairman Ji Xiaoan said in a statement: "The acquisition of Seiyu Singapore is a strategic move for the group as it provides an excellent platform for us to expand out of China and expand our retailing business in Southeast Asia."

"By retaining the existing experienced management team, and by leveraging on Seiyu Singapore's established retail value chain, we believe it will enhance our competitive advantage as we venture into these new markets," he added.

Beijing Hualian bought Seiyu Singapore from CapitaLand Ltd. (C31.SG), Southeast Asia's largest developer, which in turn purchased the retailer from Japan's Seiyu Ltd. (8268.TO) earlier this year. (Dow Jones)

Source:CRI 
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