According to public records on Shanghai land market site shtdsc.com, Shanghai Heyu Industry, a subsidiary of Galaxy Holding Group, and Costco's wholly-owned unit Pudong Warehouse Development have acquired the use rights of an industrial and commercial land parcel for RMB 898 million (US$128 million). The land acquired for Costco's second China outlet is in the eastern section of Kangqiao Industrial Zone in Pudong, Shanghai. Costco's CFO Richard Galanti last year revealed Costco planned to open a second store in Shanghai in late 2020 or early 2021.