BIZCHINA / Biz Who

Huang's GOME stake sold for $900m
(Bloomberg/China Daily)
Updated: 2006-03-30 13:39


GOME Chairman Huang Guangyu gestures during a ceremony of GOME's marching into Nanjing, in the capital city of East China's Jiangsu Province, in this July 19, 2005 file photo. The retailer opened four new stores in that month in this eastern city and its first flagship store in Xinjiekou, one of the city's most prosperous commercial areas, began operating on Saturday, July 23, 2005. [newsphoto]

GOME's first flagship store in Xinjiekou, one of the most prosperous commercial areas in Nanjing, began operating on Saturday, July 23, 2005. [newsphoto]

According to Huang Guangyu, who was ranked as China's richest person by the US magazine Forbes, his company has three goals to accomplish in the upcoming years.

The first one is for the company to increase the number of its stores in cities where it already has businesses.

Second, it must develop other markets, especially in cities with a population of at least 500,000.

The third is with the success of domestic market, GOME must expand internationally.

The company has set up development plans for the Southeast Asian markets, for starters.

Established in 1987, GOME had 263 stores in 69 mainland cities at the end of 2005. It also entered the Hong Kong market in 2003.


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