Wumart Stores has agreed to pay $148 million for four floors of a property under construction in Beijing. The 20,224-square-metre space is set to become a hypermarket when it is ready for occupation in March next year. A company statement said Wumart's 90 per cent-owned Majiapu Wumart entered into an agreement to buy four floors of the Shidai Fengfan Building in Beijing from mainland developer Yuchang. The transaction will also allow it to occupy 150 parking spaces. 'The acquisition will secure a long-term right to use a venue ideal for a hypermarket,' the statement said. The Growth Enterprise Market-listed group has 50-year land use rights on the property. It said ownership of the property would eliminate the effect on revenue caused by increasing rentals in the future. Shares in Wumart fell 1.76 per cent to close at $25.05 yesterday.
