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Trade: Large Retailers' next move
Updated: 2006-04-04 14:47
IKEA, one of the world's largest furniture retailers, plans to open new
branches in Beijing and Shanghai, according to sources from the Swedish
furniture company. Ding Hui, Vice Chairman of IKEA China, said last week that
the new Beijing IKEA will be open to the public in April, while the site of the
Shanghai one is still in the selection process. (Xinhua)
Beijing Enterprises Holdings Ltd said yesterday it would sell its retail
services operation for 1 billion yuan (US$125 million), to streamline its asset
portfolio and focus on its infrastructure and utilities businesses. The Hong
Kong-listed company said in a statement it would sell its entire 50.13 per cent
stake in Beijing Wangfujing Department Store (Group) Co Ltd to its parent, the
Beijing Municipal government, for cash. (HK Edition)
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