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We should have seen this coming -

<h1>QVC announces China joint venture</h1>

03/20/12 - 7:30 PM EDT

WEST GOSHEN - QVC is expanding into China.

On Tuesday the television and online shopping giant said it agreed to form a joint venture with China's government-owned radio, China National Radio, to operate a retailing business in China through CNR Mall TV, a shopping television channel with an associated website, wwwCNRMall.com.

The joint venture, CNR Home Shopping Co. Ltd., or CRNS, will be headquartered in Beijing.

QVC will own a 49 percent stake in CNRS. CNR will own the remaining 51 percent.

CNRS will provide merchandise development, logistics, delivery, call center and other related services to CNR Mall.

The CNR Mall TV shopping channel, which will continue to be wholly owned by CNR, reaches approximately 35 million homes within China.

"QVC has long recognized the great potential of having a retail presence in China. We are pleased to be able to enter this dynamic market with a strong partner. QVC's track record of success in the United States, United Kingdom, Germany, Japan and Italy proves that our business model can thrive across many borders," said Mike George, QVC's president and CEO.

"CNR Mall is one of the leaders in multimedia shopping in China and shares many important values with QVC."

The new joint venture team will be co-led by a global team of experienced executives from QVC and senior leaders from CNR Mall.

CNR Mall Chairman and CEO Dong Tieming said the joint venture will combine his organization's knowledge of the digital shopping market and consumers in China with QVC's global experience and know-how in multimedia retailing.

QVC is a subsidiary of Liberty Interactive Corp.