Chinese department store operator Parkson Retail Group said today (23 May) that it would buy out its partner in its Mianyang Parkson venture in the west of the country.

Parkson Retail, which is listed in Hong Kong, will pay CNY99.9m (US$13.1m) to snap up the 40% stake from Sichuan Fulin Industrial Group Co.

Mianyang Parkson is based in the city of Mianyang, the second-largest city in China's Sichuan province.

According to Parkson Retail, Mianyang is the base of China's national defence research and is known as the "silicon valley of the west of China".

Parkson Retail manages 38 department stores and two supermarkets in 27 cities in China.