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Aug. 4--The Charoen Pokphand Group has given its Super Brand Mall in Shanghai a facelift and helped dispel rumours that it plans to sell the operation by entering in a joint venture with Taiwan-based Intime Group to operate a new department store on the premises.
The CP Group, known as Chia Tai in China, has taken a 60 percent stake and the Taiwanese partner, which formerly operated the leading Pacific Department Store of China holds the rest of the 25-million-yuan (about 135 million baht) venture.
According to Thanakorn Seriburi, CP's senior executive vice-president responsible for China operations, the fresh investment shows that CP is committed to the giant Shanghai retail complex.
A number of Chinese investors have shown interest in the 10-storey shopping centre, worth around US$450 million (about 18.85 billion baht). It is the location of CP's Lotus superstore, which attracts more than 100,000 shoppers on weekends.
Mr Thanakorn said the new department store, called Chia Tai Intime Department Store, would occupy four floors with sales space of 20,000 square metres. It is scheduled to open on Sept 26.
The store, dubbed one of the most modern in China, has leased out space to more than 300 leading brands including a 200-sq-m area to sell Thai products.
Mr ...