Intime Department Store announced on August 17 it was selling a 50% share of Hubin International Business Development Company, which developed Hubin Luxury Street, at a price of RMB 2,100 million plus a loan of 3,020 million. The purchaser is a Beijing-based real estate developer.

“Department store business has very mature and stable revenue after years of development, but the sales mode and review method of indexes of the profit does not fit Hubin Luxury Street,” said a Hubin Luxury Street director.

Since the purchase in 2007, the street has been in an unprofitable situation, with huge differences in the performance of various brands on the street.

However, the shift in ownership will not result in changes in developing Hubin Luxury Street, the director said, and the street will continue its developing mode and strategy.