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Haier, Home Retail launching JV on mainland

(China Daily)

09:30, October 20, 2011

A booth of Haier Group Co Ltd at an expo. The Chinese appliance maker will set up a joint venture with Home Retail Group, working under the brand Argos on the Chinese mainland. Shen Jingwei / For China Daily

BEIJING - The Chinese appliance maker Haier Group Co Ltd said on Wednesday it will cooperate with the UK-based Home Retail Group PLC to build a multichannel retail business in China.

In a filing with the Hong Kong Stock Exchange, Haier said it will set up a joint venture with Home Retail Group, working under the brand Argos on the Chinese mainland. Haier will hold a 51 percent stake and Home Retail the remainder. The initial investment will be $29.5 million, of which $15 million will be provided by Haier.

The venture is expected to start operation in 2012. The long-term aim is to roll out a multichannel business in key regions throughout China, the statement said.

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