French retail giant Carrefour is said to be considering sales of its China business and has started searching for potential buyers, Sina.com reported, citing international wires.

There’s market speculation that Carrefour will seek about US$1 billion for its Chinese assets, however no final decisions have been made. Options also include sale of part of the stakes, or, to decide against a sale entirely, it said.

However, a company spokesperson responded that such sale is not on the agenda.

Carrefour’s sales in China have been declining for several years despite its attempts to fight e-commerce competition and sealing a partnership with Tencent.

Net sales of Carrefour China fell about 10% last year to 3.6 billion euros, according to the company’s annual report.