Parkson Retail Group Ltd announced on Thursday that one of its wholly-owned subsidiaries has bought the land-use and ownership rights of a commercial building in Beijing for RMB 1.13 billion.

According to Parkson's statement filed with the Hong Kong Stock Exchange, the building, which is still under construction, covers an area of 14,300 sq m, with 51,100 sq m to be used for retail business.

The building is expected to be completed and handed over to Parkson by September this year.

Hong Kong-based Parkson opened its first department store in Beijing in 1994, becoming one of the first foreign department store chains to establish a presence in the mainland market. It now has an extensive network of department stores in 26 major Chinese cities.