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Wal-Mart Says It Hasn’t Invested in Chinese Retailer 360buy

Sept. 6 (Bloomberg) -- Wal-Mart Stores Inc. said it hasn’t made an investment in 360buy Jingdong Mall.

“To date, Wal-Mart has not invested in 360buy,” spokesman Kevin Gardner wrote in an e-mail yesterday. “But we have great respect for the business they have built.”

On Dec. 24, 2010, Li Jing, a spokeswoman for 360buy, said Wal-Mart and a group of partners agreed to invest more than $500 million in the Beijing-based online retailer to benefit from rising demand for e-commerce in China.

To contact the reporter on this story: Zhang Dingmin in Beijing at dzhang14@bloomberg.net

To contact the editors responsible for this story: Stephanie Wong at swong139@bloomberg.net; John Liu at jliu42@bloomberg.net

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