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| China Resources Enterprise mulls Tesco venture in China | China Resources Enterprise mulls Tesco venture in China |
| (35 minutes later) | |
| China Resources Enterprise (CRE) says it is considering a joint venture with the UK retailer Tesco to operate hypermarkets and supermarkets in China. | |
| CRE would control about 80% of the venture while Tesco would have 20%, it said in a filing to the Hong Kong stock exchange. | CRE would control about 80% of the venture while Tesco would have 20%, it said in a filing to the Hong Kong stock exchange. |
| The move would combine Tesco's 131 stores in China with CRE's almost 3,000 stores, called Vanguard. | |
| After an aggressive expansion, Tesco has left some international markets. | After an aggressive expansion, Tesco has left some international markets. |
| CRE said in a statement that the move would bring together its "deep understanding of local customers, established nationwide infrastructure and proven track record as a partner with Tesco's global retail expertise, international sourcing scale and supply chain capabilities". | |
| Tesco, the biggest supermarket in the UK, first started operating in China in 2004 where it mainly has hypermarkets and some shopping malls with Tesco stores. | |
| In April Tesco said it was exiting its US chain of 199 Fresh & Easy shops, at the same time announcing its first decline in annual profits in almost 20 years. | |
| It came after Tesco said it would leave the Japanese market in 2012. |