Wal-Mart venture to expand in China

From Reuters, via CNN: “The world’s largest retailer, Stores Inc., will team up with CITIC Pacific Co. Ltd. to open hundreds of stores in China over the next five years, the Beijing-backed conglomerate said Wednesday.

CITIC Pacific and Wal-Mart (Research) will invest billions of yuan to open stores in central China as well as the eastern cities of Shanghai and Nanjing, CITIC Pacific Managing Director Henry Fan told Reuters.

‘We have a lot of property projects in China and we will welcome Wal-Mart as our anchor tenant,’ Fan said in a telephone interview.”

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