Carrefour, Europe’s largest retailer, became the latest Western firm to retreat from China after selling the majority of its struggling business in the country to a local retailer.
The French group said on June 23 that it agreed to sell 80 percent of its China operations to electronics retailer Suning.com, which is partially owned by Chinese e-commerce giant Alibaba. The all-cash deal is worth 4.8 billion yuan ($705 million).
