US Home Depot seeks Orient stake

Home Depot, the leading US do-it-yourself chain, is in talks with its mainland counterpart, Orient Group, to buy a stake for as much as US$500 million, The Standard of Hong Kong reported, citing China Business News and an Orient Home official. Home Depot operates two procurement centers on the Mainland and has announced it wants to open its own stores. Orient Home operates more than 20 home improvement outlets nationwide. Home Depot's European rival, Kingfisher unit B&Q, dominates the market worth about US$50bn.