Britain’s biggest retailer Tesco has completed its exit from China with the £275 million ($357 million) sale of its joint venture stake to state-run partner China Resources Holdings (CRH), reported Reuters.
Having struggled to crack the Chinese market, Tesco established the Gain Land venture with CRH in 2014, combining the British group’s 131 stores in China with its partner’s almost 3,000.
The disposal of its 20% stake allows Tesco to further simplify and focus the business on core operations, it said on Tuesday, adding that the proceeds will be used for general corporate purposes.
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