NTUC FairPrice to run China hypermarts

NTUC FairPrice, the supermarket arm of Singapore’s National Trade Union Congress, in partnership with DBS Private Equity, will reportedly take a controlling stake in a joint-venture company that will help run hypermarts in China.  

According to a Singapore Business Times report, the joint venture, to be called Nextmall, will provide merchandising, management and logistics services to a newly-formed China-incorporated hypermart operator, Nextmart. The Chinese partners are New Hope Group, Silver Tie and Taiwan’s Apex Group. 

“We will be involved from A to Z in the operations of the hypermarts for which we will be paid a management fee,” the report quoted NTUC FairPrice chairman S. Chandra Das as saying. 

Nextmart will open its first outlet in Shaoxing City in China’s Zhejiang province in May. Six other outlets will be opened in Zhejiang, Shanghai and Nanjing by year-end. – AFX