Tesco sells stake in Chinese joint venture for $357 million

LONDON (Reuters) – Britain’s biggest retailer Tesco has sold its 20% share of a joint venture in China to a unit of its partner China Resources Holdings (CRH), raising 275 million pounds ($357 million) and completing its exit from the country.

Tesco had established the Gain Land joint venture with CRH in 2014, when it started its retreat from China.

The disposal allows Tesco to further simplify and focus the business on its core operations, it said on Tuesday, adding that the proceeds will be used for general corporate purposes.

(Reporting by James Davey; editing by Kate Holton)