Tesco hits china

Tesco has set up the first of a series of joint ventures that will develop shopping malls in China - the supermarket giant has signed an agreement to set up a 50/50 joint venture with a series of Asian investors including HSBC Nan Fung China Real Estate Fund, Singapore's Metro Holdings and Nan Fung Group from Hong Kong...

Three shopping centres will be developed by the joint venture in the north-Eastern cities of Anshan and Fushan and Qinhuangdao. All three will be anchored by a Tesco hypermarket.

Anshan and Fushan will be mixed use development including retail, entertainment and residential.

The joint ventures are a part of Tesco's plans to substantially grow its business in China.

Source: www.propertyweek.com