Parkson Group, one of the most successful foreign-funded department store chain in China, will buy Jiangxi Nanchang K&M Department Store for 510 million yuan ($65.37 million), from Millionlink Pacific Ltd, said sources yesterday.

Running for nearly 5 years, Jiangxi Nanchang K&M Department Store saw sales revenues grow to 149.1 million yuan of 2006, from 102.7 million yuan of 2005, or a soar of 45.1 percent.

Parkson believes the acquisition in K&M Department Store will help it expand in Nanchang city and Jiangxi Province.