Chinese firm to sell stake in Walmart stores for $525m
- Sept 9 2015
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A subsidiary of state-owned Chinese conglomerate China Resources Corporation (CRC) plans to sell its minority stake in Walmart stores in China for about $525m (£341m).
China Resources SZITIC Trust, an investment arm of the firm, holds a stake in 21 Walmart stores in China.
It announced plans for the sale on the Shanghai United Assets and Equity Exchange on Thursday.
Walmart has seen its sales growth in China slow in the past five years.
Profit at the world's biggest retailer for the three months to July missed expectations in August as it coped with higher labour costs in the US.
In April, it announced that it planned to open 115 new stores in China by 2017 - increasing the number of stores there by almost a third.
"Walmart believes that the transfer of minority interest will not influence Walmart's operation and development in China," China-based spokesman David Fu told the Reuters news agency.
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