Tesco has today (12 November) revealed the first in a series of planned ventures that will build shopping malls in China.
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The UK retailer said the first venture will develop three shopping malls in Anshan, Fushan and Qinhuangdao, each of which will include a Tesco hypermarket as the anchor tenant.
“The malls are part of Tesco’s long-term strategy to invest in building a substantial business in China,” the company said.
In the twelve months up to next February, Tesco will open 18 new hypermarkets in China.
Some 50% of the first venture will be owned by a syndicate of Asian investors including HSBC Nan Fung China Real Estate Fund, Singapore’s Metro Holdings and Hong Kong’s Nan Fung Group.
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By GlobalData
