A new joint venture Best Buy Five Star has been set up between global electronics retailer Best Buy and China's Five Star Appliance.

The combined company now plans to open one thousand new stores by 2011.

Wang Jianguo, CEO of Five Star, works as Chairman of the Board of Directors and President of the new joint venture company. He says that the current management team will continue to take their respective positions at the new company.

Jing Xing, spokesman from Five Star, tells local media that Best Buy will still open stores using its own brand, and the stores opened by Five Star in the future will adopt the name of Five Star Appliance.