China Resources has formally signed an agreement to acquire 100% equity interest in Home World Hypermarket.
Home World operates over 50 hypermarkets in 16 cities across the northern, northwestern and northeastern regions of the Chinese mainland. It enjoys a leading market positions in Tianjin, Xi'an, Xianyang and Lanzhou with a turnover of approximately RMB5 billion in 2006.
Song Lin, vice chairman and president of China Resources (Holdings) Co., Ltd. said, "After the acquisition of Home World, China Resources Group's supermarket business will rank number one in the Chinese mainland in terms of sales and become a national player. Home World has an extensive distribution network and leading market share, filling the blank areas of our existing business including the northwestern region, and immediately strengthening our operational advantages in the northern region."
CRC has not disclosed the amount of funds involved in the acquisition.
China Resources is one of the leading diversified companies in the Chinese mainland and Hong Kong. Its core businesses are manufacturing and distribution of consumer goods, properties and related industries as well as infrastructure and public utilities.