date:Aug 22, 2014
sinesses, the state-backed company said in the statement. Increasing competition from the e-commerce industry will also hurt profitability, it said.
Under the deal, Tescos 134 outlets and shopping-mall businesses will be added to China Resources. The hypermarket chain will be renamed CR Vanguard gradually within two to three years and the venture is expected to break even in three to five years, Lai said today. Tesco Chinas operations made 800 million to 1 million yuan loss last year, he said.