Japanese retailer Uny has announced that it has signed an agreement with Ting Hsin (Cayman Islands) Holding Corporation, a subsidiary of Ting Hsin Group, to set up a retail joint venture for the development of the Chinese mainland market.
The two companies will jointly invest USD33.1 million in the new JV, which target the opening of new retail marts on the Chinese mainland. Its first outlet is expected to be opened in Shanghai in 2012.
Uny will own a 70% stake in the new company, while Ting Hsin will own the remaining 30%.
Uny is the third largest comprehensive supermarket operator in Japan. It entered the Hong Kong market in 1987 and now has two stores in the marketplace.