Tesco has sold its 20% holding in Chinese business Gain Land as it increases focus on its core operations.
The sale, to a subsidiary of its joint venture partner China Resources Holdings, will generate net proceeds of £275m for Tesco and marks the grocer’s exit from China.
Tesco said the cash “will be used for general corporate purposes” and that the disposal would enable it to “further simplify and focus the business on its core operations”.
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