China Resources Enterprise RED CHIP CONGLOMERATE China Resources Enterprise aims to double its turnover to $100 billion in five years from a record $47.07 billion last year, with growth to be driven by core retailing. 'We see our core retail business being driven by rapid economic growth in the mainland rather than by acquisitions, as in the past,' chairman Charley Song Lin said. Last month, the group sold its stake in food and beverage producer Xuzhou VV Food and Beverage for 432.2 million yuan as part of its drive to focus on its core business - selling consumer products on the mainland. 'China has the world's biggest oil firm, biggest telecommunications firm, biggest steel company and biggest power firm. But can you name its leading retailer?' Mr Song asked. Executive director Francis Kwong Man-him said about $3 billion was earmarked for the group's expansion in retail and beer and food processing this year, with 50 per cent in retailing. Capital expenditure in the businesses doubled to almost $5 billion last year from 2003 to accelerate turnover growth and fend off competition, he said. Mr Song said sales of the group's Snow beer in the mainland soared 27 per cent to 1.07 million kilolitres last year, putting it on track to beat the country's best-selling Tsingtao beer. Earnings per share climbed 9 per cent to 76.2 cents. The final dividend per share was raised 14.28 per cent to 16 cents, bringing the full-year payout 13 per cent higher at 27 cents per share. He said that more divestments of non-core assets were in the pipeline, including 40 petrol stations in Hong Kong and the mainland.