Jingkelong takes Shoulian stake

Major retailer Beijing Jingkelong Co will further expand its operation through a share purchase deal with another retailing group in the capital city.

It has agreed to buy an 11 percent share in Shoulian Group for 50 million yuan, the company said in an announcement at the Hong Kong stock exchange yesterday.

The purchase enables Jingkelong, the 27th-largest retailer in China, to take over around 40 Shoulian retail outlets, which will operate as franchised stores under the name of Jingkelong.