Tesco sets up China property venture

28th Feb 2011 07:14

Tesco has signed an agreement to set up a joint venture to develop shopping malls in China. Half of the joint venture will be owned by a consortium of leading Asian investors including Singapore's Metro Holdings. The total value of the project is in the region of £170m with Tesco and the joint venture consortium each investing approximately £30m of equity. This joint venture will comprise of three shopping malls in Shenyang, Xiamen and Fuzhou, each of which includes a Tesco hypermarket as an anchor tenant.Tesco currently operates four Lifespace malls and 93 Tesco hypermarkets in China.