Tesco Plc will slash its China exposure by taking just 20 percent of a new venture with a state-run company, a deal that underlines the travails foreign retailers have had in the Chinese market and allows the British retailer to focus on turning around its domestic business.Lured by the prospect of a rapidly growing middle class in the world's second-biggest economy, many foreign firms have waded into China's retail market only to find they lack local expertise, particularly in building strong relationships with suppliers.After nearly nine years of independent operation in China and following decisions to exit the U.S. and Japan markets, the world's third-largest retailer said it would team up with China Resources Enterprise Ltd, ceding control but bringing their combined market share close to market leader Sun Art Retail Group Ltd."Its partner brings formidable scale and local access, so it is hard to fault the logic of the move, even if it reads badly for the initial gung-ho expansion into China under previous management," London-based independent retail analyst Nick Bubb said, adding that Tesco's China business was in the red.
Market Leader, Inc., online technology and marketing solutions for real estate professionals across the United States and Canada. Shares of LEDR remained unchanged at $12.60. In the past year, the shares have traded as low as $4.59 and as high as $13.46. On average, 352275 shares of LEDR exchange hands on a given day and today's volume is recorded at 0.
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