Shanghai Daily news

Youngor Group Co Ltd, one of China's biggest menswear manufacturers, opened its Shanghai flagship store on the Nanjing Road Pedestrian Mall on Thursday.
The Zhejiang Province-based company spent 152 million yuan (US$18.77 million) to buy the building, which used to be owned by Zhongbao Yinlou, a jewelry company.
It was Youngor's first real estate purchase in Shanghai. The company formerly rented space in shopping malls to operate its businesses in the city.
"We have been thinking about owning a store in Shanghai, the nation's biggest commercial city, for a long time," said Li Rugang, board chairman of Youngor Group. "The new store is in a very ideal location, which will help lift Youngor's brand image in Shanghai."
The eight-floor building is near the Henan Road M. Metro Station and occupies 5,970 square meters of floor space. The company said it paid 25,460 yuan per square meter, while the price for some nearby shopping malls has exceeded 70,000 yuan a square meter, according to a source familiar with the situation.
Insiders said the building's former owner offered the low price because it decided to retreat from the retail jewelry market.
Youngor is using the first two floors for its flagship store and rents office space on the fourth and fifth floor to several other firms.
A Youngor design center is also in the building's blueprint, company officials said.
Youngor Group reported sales revenue of 15 billion yuan this year and a profit of about 1 billion yuan. It posted earnings of 8.9 million yuan in 2004, according to Li.
The company also has arranged for space for its clothing stores in more than 100 retail locations around the country over the past few years, most of which are in Zhejiang Province.