Kingfisher is selling a controlling stake in its lossmaking B&Q China business in a ￡140m cash deal, the latest in a string of reversals for foreign retailers that has seen the departure of brands including Best Buy and Home Depot from the mainland market.
The sale marks the end of a year-long hunt for a local partner by the UK-based home improvement chain in a market where DIY has yet to gain traction.
Earlier this month, Best Buy sold the rump of its Chinese business to a mainland real estate group, almost four years after the US electronics retailer closed all of its branded stores in China.
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