According to reports in Chinese local media, Lu Qiang, president of Shanghai-based brand product discount store operator Foxtown, has claimed that he has acquired a 13% stake in the Italian fashion company Prada. However, Prada has denied this news.

According to reports in the Japanese local media, the Japanese apparel giant Renown has announced plans to establish a joint venture with the Shandong-based textile company Ruyi Group in Beijing.

British retail chain operator Tesco Plc recently announced that it established a partnership with Lenovo Group to develop a green IT project in China.

American electronics and headphones firm Monster is partnering with Houston Rockets star Yao Ming to develop a broad range of co-branded 'Yao Monster' consumer electronics and lifestyle products for distribution in China.

Shangri-La Hotels and Resorts is planning to debut the Traders Hotel brand in Hong Kong on August 1, 2010, with the opening of Traders Hotel, Hong Kong.

U.S. fast food giant Yum Brands Inc. reported recently that its labor and commodity costs in China were likely to increase in the second half of 2010.