Wal-Mart (NYSE:WMT) Invests in Chinese Online Retailer 360buy.com

Wal-Mart (NYSE:WMT) has reportedly joined five companies in investing $500 million in 360buy.com, an online retailer based in China which resembles Amazon.com (Nasdaq:AMZN).

The Chinese retailer is a private, fast-growing company, and confirmed Wal-Mart is among the companies recently investing capital in the company.

According to 360buy.com, they are on target to sell close to $1.5 billion online this year, a huge increase over the $200 million they sold in 2008.

This appears to be a wide open market for 360buy.com, as the other major online company Taobao.com, operates more like eBay (Nasdaq:EBAY), bringing buyers and sellers together.

The amount invested in 360buy.com by Wal-Mart and others wasn't divulged, as far as how much each individual company paid into it.