French retailer Carrefour has been ordered by the Chinese government to sell a minimum of 35% of its shares in two supermarkets to domestic companies.
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The ruling is in line with government policy, which prevents foreign-owned companies from owning more than 65% of the shares in any supermarket in China. The two supermarkets are in Northeast China’s Shenyang and Dalian.
Carrefour earlier put the brakes on its Chinese expansion campaign, with some branches being sold off.
