IHD Holdings has formed a retail joint venture with a consortium led by Beijing Shougang Corp just three months after the collapse of talks about Shougang taking a stake in IHD. The other venture partners include Taiwan-incorporated Lang Ling Corp and Lu He Xing Corp, a company controlled by Mr Bo Xicheng, son of Chinese Communist Party elder Bo Yibo. Shougang participates in the venture through its wholly-owned subsidiary Shougang Hotel Development Corp. A joint venture company named Emporium (China) Co will be set up to manage a chain of department stores, supermarkets and boutique shops in China. IHD and subsidiary Emporium Holdings (Singapore) will own 51 per cent of Emporium (China). Mr Ch'ng Poh, chief executive of IHD, will be chairman of the joint venture, with Mr Zhou Beifang and Mr Bo Xicheng as vice-chairmen. The joint venture is for 50 years. The initial registered capital of Emporium (China) is US$8 million which will be enlarged as necessary. The future investment of the venture may exceed US$30 million as its business expands. Lu He Xing and Shougang will select sites and premises for the shops. Emporium (Singapore), the island's largest chain of department stores, supermarkets and restaurants, will second its managers to set up the China stores. Emporium (China) and Shougang will send managers for training in Singapore in August and September. Emporium (China) will also manufacture some consumer products and Emporium-label goods.