Shum Yip, the commercial property arm of property developer Shenzhen Investment, signed an agreement with French fashion retailer Galeries Lafayette to open the first Galeries Lafayette store in UpperHills in Southern China. Galeries Lafayette in UpperHills is the Group’s first store in Southern China. With a total area of approximately 4,500m2, the store should have four major sections, including international designer brands and accessible luxury fashion, trendy footwear and accessories, beauty/skincare and specialty food and beverage. UpperHills is the first comprehensive city complex in Shenzhen featuring shopping experience space, industrial R&D buildings, design lofts, business apartments and a natural environment of parks and bridges. The store is expected to open by Q4 2022.