Tesco leaves China

Tesco leaves its joint venture with China Resources Holdings in China, which was established in 2014. As the retailer continues to reorganise its international businesses, Tesco has agreed to sell its 20 percent share in Gain Land to a subsidiary of its joint venture partner, China Resources Holdings. The disposal will result in a revenue of net GBP 275 million for Tesco. The deal will end Tesco’s presence in the Chinese market after 16 years.