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Download France-based Carrefour SA, the world's second largest retailer by revenue, denied on Tuesday that it is considering selling its China business. "It's a fake story," said a source close to Carrefour China. "Similar rumors circulated last year." According to The Wall Street Journal, the French retail giant is exploring the sale of its operations in the Chinese mainland and Taiwan, as well as planning an initial public offering in Hong Kong that would raise about $1 billion. The source declined to comment on listing plans. "China is a very important market for Carrefour. The country's current economic situation may pose some difficulties for retailers, but that does not prevent a continued expansion of Carrefour in China," Thierry Garnier, president and chief executive of Carrefour China, said during the Fortune Global Forum this month. At that time, the retailer said it would enter 30 new Chinese cities in the next three years, especially cities in the central and western areas. "Hypermarkets in big cities, such as Beijing and Shanghai, have been well developed. Retail giants will look for emerging markets in central and western areas, where they can [take advantage of] lower costs and rising purchasing power," said Peng Jianzhen, deputy secretary-general of the China Chain Store & Franchise Association. Garnier added that Carrefour will maintain an expansion pace of about 20 to 25 new outlets in China each year. | 
