Two Japanese companies have signed an agreement with Shanghai Automotive Industry Sales Corporation of China to establish a joint venture in Shanghai.

The joint venture will operate a retail chain of automobile accessories outlets in eastern China.

The company will be established with capital of 5 million dollars in December.
The two Japanese companies joining in the deal are Yellow Hat, an auto parts and car goods retail outlet and Itochu Corporation, a top Japanese general trading group.

(CRI August 20, 2004)