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Wuhan Department Store to build RMB 1.01-bln shopping center

May. 21, 2012 (China Knowledge) - Wuhan Department Store Group Co Ltd<000501> announced Friday that it plans to invest RMB 1.01 billion to build a shopping center in Huangshi City of Hubei Province.

The company said in a statement filed with the Shenzhen Stock Exchange that the shopping center, designed to have floor area of 180,000 square meters, will start construction this year and is expected to begin operation by the end of 2014.

In the third year after completion, the project is estimated to generate RMB 945 million in operating revenue.

In 2011, the company booked a net profit of RMB 331 million, reflecting a growth of 12.87% YoY. Operating revenue jumped 20.85% YoY to RMB 12.73 billion last year.

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