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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
For more information please contact the Tesco Press Office on 01992 644645
Tesco is the UK's largest retailer and one of the world's leading international retailers. Tesco has around 5,000 stores worldwide, employing over 500,000 people in the 14 countries in which it operates. Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people: the people who shop with us and the people who work with us.
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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
For more information please contact the Tesco Press Office on 01992 644645
Tesco is the UK's largest retailer and one of the world's leading international retailers. Tesco has around 5,000 stores worldwide, employing over 500,000 people in the 14 countries in which it operates. Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people: the people who shop with us and the people who work with us.
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