China November Industrial Output Rises 10% Year-on-Year; Estimate 10.1%
Wumart Stores Denies Report It May Bid for E-Mart China Outlets
Wumart Stores Inc. has no plan to bid for E-Mart Co.’s stores in China, Wumart Chairman Wu Jianzhong said today.
“We don’t have such plan,” Wu said in a phone interview from Beijing, without elaborating.
Wal-Mart Stores Inc. (WMT) and China Resources Enterprise Ltd. (291) may be among bidders for the South Korean discount store operator’s 10 stores in China, China Business News reported today, citing an unidentified person familiar with the situation.
Each of the 10 stores, located in eastern China, may be worth 30 million yuan, according to the Shanghai-based newspaper. The newspaper also said Wumart may also bid for the stores.
Anthony Rose, Hong Kong-based spokesman for Wal-Mart Asia, and Vincent Tse, China Resources’s spokesman, declined to comment on the report.
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