Aug. 6, 2009 (China Knowledge) - Chengshang Group Co Ltd<600828>, which is engaged in the retail of general merchandise and the development of real estate, on Aug. 5 announced that it plans to invest RMB 428 million to build a shopping mall in Chengdu, the capital of Sichuan Province, sources reported.

The shopping mall, which will be a part of a mixed-use property project, comprises one story underground and four stories above ground and will have a floor area of 68,300 square meters in total. The shopping mall will also have two stories of underground parking covering a combined floor area of 232,000 sq m.

A Chengdu-based real estate developer will invest RMB 1.03 billion to develop the remaining properties of the mixed-use project, which will consist of stores, office buildings, apartments and parking spaces, covers a land area of 22,700 sq m and has a potential floor area of 338,700 sq m.

In addition, Chengshang intends to set up a subsidiary with a registered capital of RMB 20 million in Chengdu.

In the first quarter of this year, Chengshang realized RMB 26.08 million in net profit, a year-on-year decline of 18.72%, and operating revenue was RMB 455 million, a year-on-year increase of 9.73%. Earnings per share were RMB 0.128 and net asset value per share was RMB 1.98, sources reported.