KUALA LUMPUR, March 19 — Parkson Retail Group Ltd’s (PRGL) indirect Chinese unit, Wuxi Sanyang Parkson Plaza Co Ltd (WSPP), has succeeded in its bid to acquire part of a property owned by Sanyang Yinhui Properties Development Co Ltd (SYPD) in China for RM124 million.

In a filing with Bursa Malaysia today, PRGL said, WSPP, its 60 per cent-owned subsidiary, has been a tenant of the building, using it as a department store since 2008.

WSPP had bid for the first to the fifth floor of the property — located at 121 Renmin Zhong Road, Liangxi District, Wuxi — at a judicial auction following SYPD’s bankruptcy, it said.

PRGL said the acquisition would provide flexibility to the group’s future business development or expansion and mitigated the risk of a rise in rental expenses in the future.

"The acquisition does not have a material impact on the group’s earnings for the financial year ending June 30, 2018,” it said.

PRGL is a 54.97 per cent-owned unit of Parkson Holdings Bhd. — Bernama