File photo dated 2/1/2014 of the House of Fraser store on Oxford Street in Central London. The department store chain was today being linked to a �450 million takeover by a conglomerate little known outside China. PRESS ASSOCIATION Photo. Issue date: Sunday March 30, 2014. Nanjing-based Sanpower, which has more than 100 businesses in mainland China including shopping centres, is in advanced talks over a surprise swoop for the UK high street chain, the Sunday Times said. See PA story CITY Fraser. Photo credit should read: Steve Parsons/PA Wire
%VIRTUAL-SkimlinksPromo%Department store chain House of Fraser has sold a majority stake in its business to Chinese conglomerate Sanpower in a deal worth £480 million.
The non-state owned Chinese giant, which is listed on the Shanghai Stock Exchange, acquired an 89% stake in the 165-year-old brand's UK and Ireland department stores through its Nanjing Cenbest subsidiary.
Let us send you our newsletter.
Our editors will email you a roundup of their favourite stories from across AOL
