China Resources Holdings, a Chinese state-owned conglomerate that owns a variety of businesses in Hong Kong and Mainland China, agreed to acquire a 20% stake in Gain Land, the Chinese joint venture with Tesco that was established in 2014, for $355m. The disposal allows Tesco to further simplify and focus the business on its core operations. The transaction will complete on 28 February 2020. There are no conditions to closing or regulatory approvals required.