nce retailer said it plans to acquire two mainland properties from controlling shareholder Wong Kwong-yu by issuing shares.

Gome fell to a record low of HK$0.23 after rising 10 percent in the morning. It closed at HK$0.232.

One of the properties it intends to acquire is located in the Zhongguancun Fengtai Science Park's industrial base in Beijing, which has a total construction area of 524,638 square meters and comprises an eight-story shopping complex along with other facilities.

The other property is in Hunan's Changsha city, which has a construction area of 130,501 sq m including a six-story shopping mall.

Gome did not reveal prices for the acquisitions but said it expects to settle part or the whole of the outlays by issuing shares.

The acquisitions are being arranged after reports this month that Gome had laid off a considerable number of employees in its e-commerce operation. And the unit's executive vice president, Ding Wei, was said to have been removed.

And its home decoration unit was said to have suspended operations, with the suggestion being there was a severe financial crisis as staff had not been paid for over three months, digital media outlet Jiemian reported late last month.

The e-commerce and home decoration units had been seen as important operations in Gome's home living strategy.

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Gome property moves fail to impress