Tesco has signed a joint venture to build three more shopping malls in China as part of its growth plans in the country.

The grocery retailer announced today (28 February) that 50% of the venture will be owned by a consortium of Asian investors including Singapore-based Metro Holdings.

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The project, valued at GBP170m (US$276m), with Tesco and the consortium each investing GBP30m of equity, will include shopping malls in Shenyang, Xiamen and Fuzhou.

Each of the malls will include a Tesco hypermarket.

Tesco announced in November that it planned to quadruple its sales in China to GBP4bn over five years by doubling the number of hypermarkets it operates in the country to over 200.

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