Wal-Mart buys part of Chinese retailer

SHANGHAI, Feb. 27 (UPI) -- Wal-Mart Stores Inc. has agreed to buy 35 percent of a Chinese "hypermarket" chain in a move to get a bigger share of the fast-growing market.

Neither Wal-Mart nor Taiwan's Bounteous Co., which operates 101 Trust-Mart stores in 34 Mainland China cities, would reveal the deal's terms.

Wal-Mart may eventually take control of Bounteous, putting it in a position to rival France's Carrefour SA as China's largest international retail chain in China, the Financial Times reported.

Wal-Mart has 68 stores, three Sam's Clubs and two Neighborhood Markets in China, Wal-Mart said. Carrefour has 255 discount stores and 90 hypermarkets.

The rapid growth of China's middle class and the relatively immature retail sector have made the country attractive to big international retailers.

Wal-Mart, which pulled out of South Korea and Germany last year, has made China one of its international priorities, the company said. India and Russia are other Wal-Mart targets, the Financial Times reported.