Text entered

TESCO ANNOUNCES CHINA PROPERTY JOINT VENTURE

Tesco

13 November 2009

Tesco has signed an agreement to set up the first in a planned
series of joint ventures to develop shopping malls in China. Fifty
per cent of the joint venture will be owned by a syndicate of
leading Asian investors including HSBC Nan Fung China Real Estate
Fund, Singapore's Metro Holdings Ltd and Hong Kong's Nan Fung
Group. HSBC advised on the transaction.
This joint venture will comprise three shopping malls in Anshan,
Fushan and Qinhuangdao, each of which includes a Tesco hypermarket
as the anchor tenant. Two of these - Anshan and Fushan - are
mixed-use developments including retail, entertainment and
residential properties.
The malls are part of Tesco's long-term strategy to invest in
building a substantial business in China. Tesco will open 18 new
hypermarkets in China in the twelve months up to February 2010.
-ENDS-
Contacts:
Jonathan Church     Tel: 01992
46606
Tom
Hoskin              Tel:
01992 44645
Notes for Editors