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Shanghai Yibai (Group) Co Ltd became the sole owner of Shanghai Orient Shopping Center yesterday after purchasing a 51 percent stake from Shanghai Industrial Holding Co Ltd.
Shanghai Yibai, the operator of Shanghai No 1 Department Store, paid 120 million Yuan (US$14.5 million) for the stake, Hong Kong-listed Shanghai Industrial said on Monday. Yibai owned 49 percent of the shopping center before the latest purchase.
Shanghai Industrial said the move is part of its strategy to withdraw from non-core businesses, and...