Baida Group (SHA:600865) plans to lease the Hangzhou Department Store to a unit of Hang Lung Properties (HKG:0101) for 20 years, starting April 1, 2028, according to a Shanghai bourse filing on Friday.

Hang Lung Business Operation (HK) will pay 37.5 million yuan every quarter for renting the South and North buildings of the property in Hangzhou, Zhejiang Province, China, which will be used for commercial services, the facility management, transport and logistics company said.

Baida's shares grew 2%, while Hang Lung Properties' shares rose less than 2% during midday trade.