A unit of conglomerate China Resources Corp plans to sell minority stakes it holds in 21 Wal-Mart Stores Inc outlets around China, a spokesman for the US retailer said on Friday.
State-backed China Resources SZITIC Trust Co has listed its stakes in the stores as being for sale for a combined CNY3.3 billion (USD520 million), according to official postings from the firm on the Shanghai United Assets and Equity Exchange. The postings didn’t make clear the reason for selling the stakes – almost all of which account for 35 percent of the jointly owned outlets – and China Resources did not respond to phone calls and e-mailed requests seeking comment.
The sale comes as Wal-Mart, the world’s largest retailer, and other largely bricks and mortar retailers face keen battle in China from fast developing online rivals just as growth in the world’s second-largest economy cools.
(Source: Shanghai Daily)