Carrefour launches Guangzhou venture

French hypermarket chain Carrefour has signed an agreement with Guangzhou General Merchandise Group to start a joint venture in Guangzhou, Xinhua reported. The venture will be 65 per cent owned by Carrefour, with 25 per cent being held by the mainland partner and 10 per cent by a Taiwan- based firm.

This will be the third joint venture Carrefour has agreed this year, following deals signed in Kunming, Yunnan province, and Harbin in Heilongjiang. The retailer operates 28 supermarkets in China and intends to open eight more by the end of this year.