22254 - Wumart

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Summary of Proposed Investment

Project Number

22254

Company Name

Wumei Holdings, Inc.

Date SPI Disclosed

Oct 30, 2003

Country

China

Industry

Tourism, Retail and Property

Projected Board Date

Nov 17, 2003

Status

Completed

Sector

Retail (Including Supermarkets, Grocery Stores, etc.)

Department

Regional Industry - MAS Asia & Pac

Environmental Category

B - Limited

Previous Events

Approved : Nov 17, 2003
Signed : Nov 18, 2003
Invested : Nov 19, 2003

Project Description

Wumart Stores Inc. (Wumart or the company) is one of the leading retail chain store operators in Beijing. The project is for the company to expand its operations in Beijing and its peripheral areas, as well as improve its technological base and logistics.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	6.48

Development Impact

The project will have the following developmental impact: The company’s expansion program aims to:

- contribute to the development of the formal retail sector in China, which has been encouraged by the government as formal retail offers opportunities to significantly decrease retail costs and intermediaries, makes logistics and distribution more effective, and therefore, reduce prices, ultimately benefiting consumers;
- support small businesses by continuing to raise quality and stimulate demand for local food and other products that are being sold in the Company’s stores;
- generate more than 1,000 jobs in new stores and provide training on high quality service, day-to-day supervision, and use of information technology in effective management of inventories and sourcing.

IFC’s role in the proposed project would involve:

- supporting a successful non-state owned Chinese company to expand its operations in the PRC;
- helping the Company to improve its environmental standards in existing operations through upgrading the environmental, fire and life safety and social standards; and
- assisting the Company in raising corporate governance standards and improving sustainability.

This is a category B project according to IFC’s environmental and social review procedure. Environmental, health and safety and social issues which may be associated with this project include: environmental and health and safety management systems including training and emergency response, life and fire safety management and fire protection systems, use of appropriate refrigerants, energy efficiency, solid waste minimization and recycling, liquid and solid waste treatment and disposal, worker health and safety, and the planning and land acquisition process for new stores.
Location of environmental documents In locally affected community
An Environmental Review Summary will be available for public in the following location:

Wumart Headquarters
Floor 7 Yuquan Building, Yuquan Road, Beijing, 100039

Contacts

For Inquiries About the Project, Contact

Mr. David Dong,
Wumart Headquarters
Floor 7 Yuquan Building, Yuquan Road, Beijing, 100039
Email: dongmeng@wu-mart.com.

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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