Zhejiang Economic Construction Investment Co., a Carrefour shareholder, announced it will sell all of its equity in Ningbo Carrefour Commercial Co. and Hangzhou Carrefour Commercial Co., said an insider with the company on Tuesday.

Zhejiang Investment has a 20-percent stake in Ningbo Carrefour and 15-percent in Hangzhou Carrefour. The shares of the two companies will be in a bundled sale with an initial bidding price of almost 29 million yuan (US$4.36 million).

"The company is going to focus its business on equipment manufacturing, so it plans to withdraw from other industries," said the source.

Other people have speculated that Zhejiang Investment is withdrawing their investment because of Carrefour's poor performance.

Carrefour may repurchase the equity, and Liaoning Chengda Co. Ltd. also has the possibility to buy it, according to the bidding information.

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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