Nanjing Central Emporium To Establish Real Estate Co.

Nanjing Central Emporium (Group) (600280), which operates department stores, supermarkets and real estate projects, and its subsidiary, Nanjing Central Department Store Chain will set up Huai’an Yurun Central Property Company with a registered capital of 300 million yuan, reports China Securities Journal, citing a company filing.

Nanjing Central Emporium will invest 240 million yuan and account for 80 percent of registered capital.

Nanjing Central Department Store Chain is to invest 60 million yuan, accounting for 20 percent of registered capital.

Huai’an Yurun Central Property will focus on property development and management. It will actively participate in the reconstruction of Huai’an City and acquire plots of land at an appropriate time.

In addition, Nanjing Central Emporium will inject 57 million yuan into Jining Central Department Store, which is wholly-owned by Nanjing Central Department Store Chain.

Upon the completion of the capital injection, the registered capital of Jining Central Department Store will rise to 120 million yuan.

Nanjing Central Emporium and Nanjing Central Department Store Chain hold 47.5 percent and 52.5 percent stakes in Jining Central Department Store.