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Tesco JV to Develop North China Malls
Tesco (LSE:TSCO) has set up a joint venture to develop three shopping malls in north China, in Anshan, Liaoning province, Fushun, Liaoning province and Qinhuangdao, Hebei province, each of which will include a Tesco hypermarket as an anchor tenant, the company said Thursday.
The JV is 50% owned by a consortium that includes HSBC Nan Fung China Real Estate Fund, Singaporean property and retail group Metro Holdings (M01.SGX) and Hong Kong property developer Nan Fung Group, said the announcement. The Anshan and Fushan developments will be mixed-use, including retail, entertainment and residential properties.
The JV is the first in a planned series of ventures to develop shopping malls in China, the announcement said. Tesco currently operates 65 hypermarkets and 6 small stores in China, and has plans to open 18 new hypermarkets in China in the 12 months leading up to February 2010. Tesco's stores generated sales of £417 million between February and August, 2009.
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