Tesco to sell Chinese joint venture share in £275m deal

Supermarket giant Tesco has agreed to sell its share of a Chinese joint venture in a multi-million pound disposal deal.

The Welwyn Garden City-based firm has announced the sale of its 20 per cent share in Gain Land to joint venture partner China Resource Holdings (CRH).

A joint venture with CRH, Gain Land was first established in 2014, with Tesco taking the minority stake.

Tesco will use the disposal to streamline its business and focus on core operations, with the funds raised from the disposal to be used for “general corporate purposes”.

The news comes two months after the firm announced it was considering the sale of its Thai and Malaysian groceries businesses.