Carrefour will transform two of its wholly owned stores in Liaoning province into joint ventures, one of its new partners was reported by Reuters as saying. The French retailer was planning to sell 35 per cent of its stores in Shenyang and Dalian to two Chinese companies in order to comply with government rules that require foreign retailers to operate through joint ventures with no more than 65 per cent foreign ownership.
Meanwhile, Carrefour has signed a deal with Harbin Power Equipment and Liaoning Chengda to take a 65 per cent stake in a joint venture to operate at least three supermarkets in Heilongjiang province.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved