Home Depot Inc. will invest U.S. $15.5 million in China to establish a store network, after getting approval from Ministry of Commerce, the Shanghai Daily reported.
The Home Depot (China) Building Material and Home Improvement Co Ltd, with registered capital of $6.2 million, is expected to be established in Shanghai. The company will sell hardware, home decor materials as well as furniture both at retail and wholesale.
Prior to its establishing a store presence, Home Depot maintained two procurement plants in Shanghai and Shenzhen, which bought a combined $5 billion to $6 billion worth of products annually. (Forbes.com, AFX)
to Daily News