Wachovia Industrial and Commercial Store (00459.HK) announced that its wholly-owned subsidiary Jinbao enterprise bought all the shares of the target company Weijin from Liu Zhongcai, Zhang Wanzi and Liu Gangfeng for a consideration of 48.8 million yuan.

The main asset of the target company is the full interest in the property located on the ground floor and mezzanine floor of 224 Queen's Road West (Sai Ying Pun), Hong Kong, with a total gross floor area of approximately 2300 square feet. The property is currently used by the seller as a restaurant and will be delivered to the vacant property upon completion of the transaction.

The company expects that the property will be leased to earn rental income and will provide an additional and stable source of rental income for the Group.