Walmart Invests in China’s 360buy.com: Report

Walmart invested in Chinese e-retailer 360buy.com, in a further indication of its interest in the developing nation's expanding online consumer base, the Financial Times reported Tuesday.

The US retail giant -- the world's largest, by sales -- was joined by five other companies taking a stake in China's biggest purveyor of web-based consumer electronics, which raised $500 million in the funding round.

Walmart already has roughly 300 stores in China and launched an online retail presence for its warehouse retailer Sam's Club there last month.