A Tesco store in Qingdao city, in eastern China’s Shandong province. Photo: EPA
British supermarket giant Tesco exits China with US$357 million sale of stake to state-owned partner
- Having struggled to crack the Chinese market, Tesco established the Gain Land venture with China Resources Holdings in 2014
- The move follows costly exits from Japan and the United States and the sale of its South Korean business
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Tesco
A Tesco store in Qingdao city, in eastern China’s Shandong province. Photo: EPA