SHANGHAI: After six years' marathon preparation, Shanghai-based Bailian Group, the largest retailer in China, has taken the first steps towards a major restructuring of its supermarket business.

The Hong Kong-listed Lianhua Supermarket Holdings, which is the fourth-tier subsidiary of Bailian, announced on Wednesday in Hong Kong that it had got approval from shareholders to acquire a 100 percent equity interest in Hualian Supermarket Co from the Bailian Group at a consideration of 492 million yuan in cash.

This move is widely considered by industry analysts as an important step taken by Bailian to strengthen its competitiveness in the domestic market.