Foxconn Technology Group, the world's largest contract manufacturer of electronics, plans to sell shares of its retail unit in Taipei, said founder and Chairman Terry Gou on Monday.

Cybermart International Holding Co, said on Monday that it plans to invest 10 billion yuan ($1.55 billion) to build 20 shopping complexes in Chinese cities such as Shanghai over the next five years.

"We have been talking about expanding channels for over a decade now; it's finally the time," said Gou.

He said he expected Cybermart could build a closer relationship with clients because Hon Hai, the parent company of Foxconn, does not make products with its own brand name.