Tesco moves into Chinese market

British supermarket Tesco said last night it is making its first foray into the burgeoning Chinese market in a joint venture with hypermarket owner Ting Hsin.

Tesco will buy 50% of Taiwan-based Ting Hsin International Group’s Ting Cao unit for £140 million (€210 million).

Ting Cao owns 25 Hymall stores across China’s eastern, northern, and northeastern regions and plans to open up to 10 more stores this year.