German media conglomerate Bertelsmann AG launched China's first nationwide JV bookstore chain by acquiring a 40% share in a Beijing-based private company. The move followed the State Press and Publication Administration's release of a provision in May 2003 giving the green light for Sinoforeign JVs in the retail and wholesale book business, in compliance with China's WTO commitments.
The remaining 60% of the JV is owned by the 21st Century Book Chain, China's first private national bookstore chain, which owns 18 outlets in 10 major cities, including Beijing, Nanjing, Shenzhen and Xiamen. Neither side would reveal the total amount involved in the transaction.
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