Malaysia’s Parkson Holdings is to buy a Chinese shopping mall currently under completion.

The retail group’s 52 per cent owned Parkson Retail Group subsidiary based in Hong Kong is to pay MYR800 million (US$230 million) for the Qingdao Shopping Mall in China.

In a statement Monday Parkson said its subsidiary had signed a sale and purchase agreement with Shanghai Industrial Qingdao Development Co to acquire the mall.

The Qingdao Shopping Mall is in Qingdao City’s Laoshan district, and a cornerstone of the fully integrated Beer City commercial development project built by Shanghai Industrial.

The mall is currently under construction and should be completed on or before July 31, 2015.

Parkson said the mall has a total gross floor area of 216,000 sq metres, of which 131,000 sqm is for retail use and the balance for ancillary services and 2000 car parks.

The mall consists of five levels above ground and three basement floors. The land use rights of the mall is for 40 years and expires on Dec 5, 2050.