Tesco reaches retail deal with China partner

UK supermarket chain Tesco (TSCO.LON) and China Resources Enterprise (CRE; 0291.HKG) have agreed to a joint-venture, combining Tesco’s 131 China outlets with CRE’s almost 3,000 stores to create the largest food retailer in the country, BBC News reported. CRE will own 80% of the new chain and Tesco will have a 20% stake. China is the world’s biggest market for food and groceries, according to research group IGD, and the trillion dollar market is set to grow by 50% over the next three years.