China's largest retail group will open a discount mall for brandname goods this week as part of a plan to shift its focus to the upscale retail market. Shanghai Brilliance (Group) Co Ltd will own about 95 percent of Shanghai Outlets Brand Direct Sale Plaza Co Ltd, with the remaining stake held by Hong Kong-based Wharf (Holdings) Ltd. The two companies have invested 470 million yuan (US$58.7 million) in the new company. (Shanghai Daily)

The Fujian Technology & Projects Fair which is slated on June 18 this year has collected more than 450 projects (including 301 Russian projects) from more than 10 European and American countries so far with 310 items from Russia, according to the Fujian provincial department of personnel. (People's Daily)

(For more biz stories, please visit Industry Updates)