Retail in Asia

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StanChart, Fosun, Your-Mart bid for Chinese retailers

Standard Chartered’s private equity unit, Chinese conglomerate Fosun Group and three other bidders are vying to buy two Chinese retailers and other assets from investment firm Global Mart in a deal expected to fetch about CNY500 million (USD73 million), people familiar with the matter said.

Global Mart, founded in 2005 by several Australian investors targeting China’s retail sector, is selling its 80 percent stake in Joindoor Hypermarket and 100 percent of Whacko supermarket as part of an effort to repay USD75 million in debt, the sources said. Both retailers are based in China’s Hunan province.


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