Supermarket giant Tesco has unveiled its first move into China after spending £140 million on a 50 per cent stake in a 25-strong hypermarket chain.
The joint venture agreement with Ting Hsin, which operates the Hymall-branded business, comes after a three-year search by Tesco for a presence in China.
The group said it would add its experience in the supply chain, product development and store operations to the business, which has sites in Shanghai and other fast-growing cities in east and north China.
The UK's biggest supermarket chain has operations in 12 countries, including Hungary, Poland, South Korea, Taiwan and Japan.
Thursday July 15, 2004
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