By Daniel Hunter

The owner of B&Q, Kingfisher, has announced plans to sell its stake in the company's Chinese operations to Wumei Holdings.

Kingfisher said B&Q will receive £140m as a result of selling its 70% stake in B&Q China.

It had already made clear its intentions to find another company to help develop the business in China. The deal, which still requires approval from the Chinese Ministry of Commerce, is expected to be completed in the first half of 2015.

"I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China," said group chief executive Veronique Laury.

"This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market."

Wumei Holdings owns around 650 supermarkets and 10 department stores in China, including Wumart, Jingbei Shopping Mall, and Merrymart.

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