date:Mar 24, 2014
ober, with Tesco injecting all of its mainland stores into the joint venture and taking a 20 per cent stake. Tesco's most recent annual pre-tax losses in China amounted to HK$3 billion.
Tesco has not made any profits in China, but CRE wants to turn the situation around in three years. Net income in the retail division, CRE's biggest business, slumped 65.2% to HK$1 billion owing to the mainland's economic restructuring, the company said in a report to the Hong Kong stock exchange yesterday.
But