Tesco, which is reviewing ops in Malaysia, completes China exit

After costly exits from Japan and the United States and the sale of its South Korean business, Tesco signalled in December a further retreat from its once lofty global ambitions by starting a review of its operations in Malaysia and Thailand - its last remaining wholly owned businesses in Asia.

LONDON: Britain's biggest retailer Tesco, which is reviewing its operations in Malaysia and Thailand, has completed its exit from China with the 275 million pound (US$357 million) sale of its joint venture stake to state-run partner China Resources Holdings (CRH).

Having struggled to crack the Chinese market, Tesco established the Gain Land venture with CRH in 2014, combining the British group's 131 stores in China with its partner's almost 3,000.