By  on March 30, 2014

Alibaba Group Holdings Ltd. said Monday it has agreed to invest $692 million in Chinese department store operator Intime Retail in a bid to create “online to offline” retail opportunities.

Alibaba said it will buy a 9.9 percent equity stake in Intime for $214 million. The Web giant also said it will subscribe to $478 million worth of convertible bonds issued by Intime which, if converted, would translate to a stake of at least 25 percent in the company.

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