Chinese retailer Baida Group announced it will lease its flagship Hangzhou Department Store property to Hang Lung Business Operation, a wholly owned subsidiary of Hang Lung Properties and a non-wholly owned subsidiary of Hang Lung Group. The 20-year lease, beginning April 1, 2028 (tentative), covers approximately 42,000 sqm across the building’s north and south wings. The quarterly rent is set at 37.5 million RMB ($5.2 million), with a 4.5% increase every three years. The property will be used for commercial operations, including dining, specialty retail, and related services.