Carrefour sets its sights on Tianjin

Chinese retailer Tianjin Quanye was reported by China Securities Journal to have signed a memorandum of understanding to form a joint venture with French hypermarket operator Carrefour. Quanye would own 35 per cent of the venture, which would open four supermarkets in Tianjin. Carrefour, the world's second largest retailer, currently has 20 stores in China and plans to open eight more in 2002, Reuters reported.