China's home appliance giant Haier Electronics Group will start a joint venture with UK-based Home Retail Group.

Qingdao-based Haier said it will inject US$15 million into the joint venture and own 51 percent of the venture in a filing to the Hong Kong stock exchange yesterday.

According to the filing, the joint venture will receive an initial investment of about US$29.5 million and its business be developed under the Argos brand in the Chinese mainland market. 

Haier said the venture is expected to start operating in 2012. More than 35,000 products are sold by Argos from stores throughout the UK and Ireland.

Haier's announcement came just one day after it clinched a final agreement with Sanyo Electric to buy the Japanese company's white goods operations in Japan and southeast Asia. The transaction may be completed by the end of March next year.