Carrefour buys 51% of Baolongcang

BEIJING - Carrefour SA, the world's second-largest retailer by sales after Wal-Mart, will own more than 30 new outlets in China this year after acquiring 51 percent of the Hebei-based hypermarket operator, Baolongcang, in July.

The acquisition echoes the French retail giant's previous strategy of opening 20 to 25 new stores every year in the emerging market.

Eric Legros, president and chief executive officer of Carrefour China, said: "Baolongcang is an excellent local retailer, and we're working on upgrading its existing hypermarkets, which are due to reopen in November."