Feb. 27, 2007 (China Knowledge) – Wal-Mart Stores Inc., the world's biggest retailer, is buying 35% of a major Chinese retailer, Trust-Mart, in order to better its position in the world's largest market.

The U.S.-based retailer will acquire ownership control of Trust-Mart in the future, subject to certain conditions. Buying over Trust-Mart, operator of 101 hypermarkets in China, will add to Wal-Mart’s current 73 stores in China and enable Wal-Mart to leapfrog over its closest rival Carrefour SA of France, which operates 90 outlets in China.

Trust-Mart, a chain of grocery and appliance stores with more than 31,000 employees, will continue to operate under its own brand, Wal-Mart said in a statement. Wal-Mart is buying the stake in Trust-Mart through purchasing shares in owner Bounteous Co., registered in the British Virgin Islands.

China's retail sales grew 13.7% last year and its value is equivalent to one quarter of the U.S. market.