News.

2011-03-15

A recent announcement by Tesco PLC has revealed the British company's plans to set up a Joint Venture (JV) with a financial group to develop shopping malls in China.

The financial group, primarily made up of Asian investors such as Metro Holdings, will invest approximately USD 48.9 million for equal shares of the JV. This is Tesco's second real estate JV in China after developing three other shopping centers in Qinhuangdao, Anshan, and Fushun.

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2011-03-14

According to the central bank, certain retail banking fees applying to actions, such as opening and closing accounts and password resets, will be abandoned. Such a move will appeal to consumers and will do little to effect bank profits.

According to newly published rules on the central bank's website (www.pbc.gov.cn) to take effect on July 1, 2011, banks will also be forbidden to charge management fees for handling salary, pension, and housing funds.

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2011-03-08

In a move to reverse its declining performance in China, Dell plans to open over 1,000 retail computing centers in China in 2011. In addition, Dell also plans to open another 1,000 after-sales service centers in smaller Chinese cities.

Yang Chao, president of Dell Greater China, announced that these retail centers will showcase the brand's products and applications for both corporate and individual users. The additional 1,000 after-sales service centers will double the number of outlets Dell currently has in China.

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2011-02-23

Best Buy has officially announced its plans to close all nine of its "Best Buy" branded stores across Mainland China and its regional headquarters in Shanghai. The American electronic retail giant stated that the company will focus on developing a profitable retail platform that will combine its business in China with its wholly-owned subsidiary, Jiangsu Five Star Appliance Company.

With 40 to 50 new store openings planned in 2012 (bringing the total number of stores to 200 to 210), Jiangsu Five Star Appliance Company will offer consumers the retail advantages found in the Best Buy brand.

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