China Resources SZITIC Trust Co Ltd, a subsidiary of China Resources Corp, is to sell its 35 percent stake in 21 Wal-Mart Stores Inc’s outlets in China, worth 3.35 billion yuan ($523.4 million). “Transfer of the minority interest in our joint venture partner will not affect Wal-Mart’s operation and development in China,” Wal-Mart China said in a statement. “Wal-Mart respects the investment decision of its partner in the proposed transfer of its minority interests and creditor’s rights in the joint ventures.”…Full Article: ECNS.cn Oct 2015
- According to a market research analyst, in the second quarter of 2015 (April to June), Sun Art Retail Group had a 6.9% share (supermarket sales) while CR Vanguard had a 6.6% share.
- Founded in 1984 and headquartered in Shenzhen, China Resources Vanguard Co., Ltd (CR Vanguard) is state-owned enterprise and subsidiary of China Resources Enterprise. CR Vanguard is one of China’s leading supermarket chains, with over 4,000 stores in mainland China and Hong Kong (as of 2015). In August 2013, Tesco (UK) and CRE announced plans for a joint venture. In May 2014, a JV agreement was signed between Tesco (20% share) and CR Vanguard (80%).