Trade: Retailer seeks overseas capital
(Xinhua)
Updated: 2006-05-10 14:41
The Group of Hualian Commercial Building Co. Ltd., a well-known Chinese
retailer, is expected to draw 11 billion yuan (US$1.4 billion) of capital from
overseas in the next three years to sharpen its competitive edge, the Group's
secretary-general Li Keji said Tuesday.
The money will be used to renovate and expand Hualian's franchise department
stores and their facilities across the country, Li told the Group's 2006 summit
meeting held in Beijing.
"To build a better platform for development, we will also move the
headquarters of Hualian from Tianjin to Beijing," Li said. "We will turn Hualian
into the flagship and navigator of China's retailing industry within three
years."
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