Wal-Mart denies China withdrawal, announces new stores

Wal-Mart Stores, Inc. will open three new stores in China by the end of May, confirmed the U.S. retail giant's Chinese division on Monday.

Wal-Mart China said the three stores will include a Wal-Mart shopping center in Shenzhen in south China's Guangdong Province. And eastern China's Hangzhou and Suzhou will each get a branch of Sam's Club -- Wal-Mart's chain of membership-only retail warehouses.

The company also denied recent rumors that Wal-Mart is to close its stores in China and withdraw its capital. Wal-Mart China's PR department told Xinhua that there is no change in its plans for the Chinese market.

In October 2012, Wal-Mart announced plans to open more than 100 new stores, mostly Sam's Club stores and shopping centers, in China over the next three years.

Since its entry to China in 1996, Wal-Mart has opened over 380 stores, including shopping centers, Sam's Club warehouses and community shops.