Tesco signs JV for malls
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Tesco, the world's third-biggest retailer, has signed a joint venture to build three more shopping malls in China as part of its plans to rapidly expand in the country.
The British supermarket group said yesterday that 50 percent of the venture would be owned by a consortium of Asian investors including Singapore's Metro Holdings.
The total value of building the malls in Shenyang, Xiamen and Fuzhou is around 170 million pounds (US$$274 million), with Tesco and the consortium each investing about 30 million pounds, it said.
Banks, including the Industrial and Commercial Bank of China and Standard Chartered Bank, will also finance the project, it added.
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