China Builds National Retail Chain of Farming Materials

Home>>Business

Last updated at: (Beijing Time) Sunday, November 03, 2002

China Builds National Retail Chain of Farming Materials

A total of 1,200 farmers signed in to become Hengtong chainstore owners in northwest China's Shaanxi Province late last month.

DISCUSSION

CHINESE

SEND TO FRIEND

A total of 1,200 farmers signed in to become Hengtong chainstore owners in northwest China's Shaanxi Province late last month.

This marked the start-up of China's largest retailer of farmingmaterials and domestic animal medicines. The project is to cost 885 million yuan (107 million US dollars).

The 1,200 Hengtong chainstore owners will open their businessesin townships in Shaanxi Province within this year, and more will be opened in other parts of the country next year.

The number of such chain stores is expected to reach 30,000 nationwide, employing 150,000 people. The State Development Planning Commission has supported the project.

It is estimated that the 30,000 Hengtong chain stores will earn11.88 billion yuan (1.45 billion US dollars) in sales income annually and pay 1.08 billion yuan (130 million US dollars) in taxes to the state.

The Hengtong Chain Store Management Co., Ltd announced, during a recent press conference, that its chain stores will be run in accordance with the operation mode of Wal-Mart, a leading chain store retailer of the United States.

The leading share holders of Hengtong chain store retailer are Xi'an Hengtong Guanghua Pharmacy Co., Ltd. and Shaanxi Hengtong International Industrial Co., Ltd.

The Xi'an Hengtong Guanghua Pharmacy Co. is China's largest tylosin producer and the largest producer of antibiotics in northwest China. The company is based in the state-level Yangling Agricultural High-tech Development Zone. The Shaanxi Hengtong International Industrial Co. is one of the leading foreign trade companies of Shaanxi Province, with registered capital of 460 million yuan (55.6 million US dollars).

Hengtong chain stores are expected to play a role in promoting rural economic growth, readjusting rural economic structure and raising farmers' income, according to the project's planners.

Questions?Comments? Click here

China Starts Working out Law on Citizen ID Card ( 2 Messages)

China's Largest Compact Disc Plant Operational in Hangzhou ( 2 Messages)

Taiwanese Lawmakers Propose Charter Flights to Chinese Mainland ( 35 Messages)

Top Pick Yao Ming Goes Through "a War" in His NBA Debut ( 2 Messages)

China's First Gold Exchange Opens for Trade ( 3 Messages)