Hong Kong’s New World Department Store China is to buy the New World department store in Shanghai from Shanghai Hanxin.

New World Department Store China Limited, through its subsidiary Shenyang New World, has agreed to pay 280 million yuan ($45.9 million) to buy the mall in Wujiaochang.

The acquisition will further expand the retail network of New World and increase its market share in mainland China.

“Following completion of this acquisition, the group will be in a better position to further capture the burgeoning potential of the consumer market in the PRC,” said New World Department Store China Limited in a statement.