Tesco has today (12 November) revealed the first in a series of planned ventures that will build shopping malls in China.


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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