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Suning to sell consumer finance unit for $58m in restructuring

Chinese group refocuses on core retail portfolio after expansion hits earnings

Suning rapidly broadened the scope of its operations with acquisitions, including the Chinese supermarket business of France's Carrefour Group. (Photo courtesy of Suning Group)

SHANGHAI -- will unload its consumer finance unit as the embattled Chinese group seeks to exit money-losing operations and rebuild its core retail business under the leadership of a state-owned fund and major shareholder Alibaba Group Holding.

The Nanjing-based company looks to sell a 39% stake in Suning Consumer Finance to Bank of Nanjing, among others, for around 368 million yuan ($58.2 million). The bank, which already holds a 15% interest, would emerge as the majority shareholder. The planned transaction is subject to regulatory approval.

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