CRE slows growth after Tesco deal

China Resources Enterprise Ltd said on Thursday that it will slow down the opening of new stores in China and focus more on integrating operations with Tesco Plc this year.

"Our major task this year is to integrate Tesco's 134 stores, and we expect to profit in about two to three years," said Frank Lai, chief financial officer of the Hong Kong-listed consumer goods conglomerate.

The two companies agreed on a joint venture in October. Tesco will hold a 20 percent stake valued at HK$4.32 billion ($556 million). CRE will hold the rest.