Singaporean grocer NTUC FairPrice is entering the hypermarket business in China.
FairPrice has bought a 27 per cent stake in Nextmall. The partnership, with Chinese and Taiwanese companies, will trade under the Nextmart name.
FairPrice has invested S$47 million (£17.1 million) in the project and will provide merchandising, management and logistics support.
The first hypermarket will open in Shaoxing, a city with a population of about 4 million, and the goal is to open a further six by the end of this year.
The venture, expected to break even within two years, comes more than five years after FairPrice pulled out of Malaysia and Burma.