Suning clinches Inter Milan stake

China's soccer industry has applauded retail giant Suning Commerce Group's acquisition of a majority stake in top European club Inter Milan.

Liu Tong, a senior official at the Chinese Football Association, said the deal provides a precious opportunity for Chinese soccer to improve its management and competition skills.

Suning's subsidiary, Suning Sports Group, signed the deal for 270 million euros ($306 million) in Nanjing, Jiangsu province, on Monday, sealing the acquisition of a nearly 70 percent stake from Inter Milan majority shareholder International Sports Capital.