The Group of Hualian Commercial Building Co. Ltd., a well-known Chinese retailer, is expected to draw 11 billion yuan (US$1.4 billion) of capital from overseas in the next three years to sharpen its competitive edge, the Group's secretary-general Li Keji said Tuesday.

The money will be used to renovate and expand Hualian's franchise department stores and their facilities across the country, Li told the Group's 2006 summit meeting held in Beijing.

"To build a better platform for development, we will also move the headquarters of Hualian from Tianjin to Beijing," Li said. "We will turn Hualian into the flagship and navigator of China's retailing industry within three years."

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