Hong Kong-listed China Resources Enterprise has signed a deal to buy 65 per cent of Guangdong’s largest hypermarket chain from its parent China Resources National Corp, South China Morning Post said. Vanguard Super Department currently operates nine hypermarkets in the Pearl River Delta region and has plans to open 10 more this year in southern Chinese cities.
CRE said that the deal, which is subject to approval by shareholders and the Chinese authorities, was part of its plan to become a retail-led distribution company in China.