CRE begins Ningbo, Tianjin expansion

Conglomerate China Resources Enterprise has agreed to the purchase of two supermarket chains for US$51 million in a bid to enter markets in Tianjin and Ningbo, the Wall Street Journal reported. CRE will acquire 95 Zhejiang Cikelong supermarkets in Cixi, Ningbo for US$35 million and all 28 Tianjin outlets of Yuetan for US$16 million. Cikelong's earnings rose 11% in 2004 to US$2.3 million.