Tesco, the giant British supermarket chain that sold off its businesses in the United States last month, is turning instead to China.
In yet another sign of how the rising spending power of Chinese consumers is reshaping the global retailing industry, Tesco said on Wednesday that it would pay 4.3 billion Hong Kong dollars ($554 million) to set up a joint-venture supermarket business in China with a state-run partner.
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Neil Gough, The New York Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/qN99qggHmN0/
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