Walmart China partner sells out

Walmart China’s local business partner wants out of its joint venture.

State-backed China Resources Group has put the minority interests it has in 21 Walmart China stores on the market, seeking US$525 million. Most of the interests equate to about 35 per cent of the respective stores.

China-based spokesman for Wal-Mart David Fu confirmed the sale in an email to Reuters. He said the firm respected the “investment decision” of its partner.

“Wal-Mart believes that the transfer of minority interest will not influence Wal-Mart’s operation and development in China,” he said.

The affected stores are located in various parts of China, including the western Sichuan province and the capital city Beijing.

Souce: insideretail.asia