date:Aug 12, 2013
Tesco Plc and China Resources Enterprise Limited (CRE) have entered into a memorandum of understanding on their plan to combine their Chinese retail operations to form the leading multi-format retailer in China.
The projected partnership would see state-run CRE combining its CR Vanguard business, which currently operates 2986 stores across China and Hong Kong with Tesco China's 131 stores and shopping mall business.
The proposed joint venture would create a business with sales of 10 billion, i