Wal-Mart buys 35% of retailer

By Diao Ying | China Daily | Updated: 2007-02-28 07:13

A Wal-Mart worker organizes shopping carts at an outlet in Nanjing, the capital of East China's Jiangsu Province. Yang Xi

Wal-Mart Stores Inc has sealed a deal to purchase a 35 percent interest in the parent company of Trust-Mart, a leading hypermarket operator in China, a step forward for the world's largest retailer to expand its reach in the country.

The US retail giant may also acquire ownership of Bounteous Co, operator of 101 Trust-Mart stores in 34 cities in China, the company said in a statement.

The possible acquisition will enable Wal-Mart to beat its French opponent Carrefour, and build the largest hypermarket network in China.

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