28 Feb '11, 9am

Britain's Tesco in China shopping mall venture: LONDON : Top British supermarket chain Tesco said Monday it is s...

Britain's Tesco in China shopping mall venture: LONDON : Top British supermarket chain Tesco said Monday it is s...

LONDON : Top British supermarket chain Tesco said Monday it is setting up a joint venture with Asian investors to develop shopping malls in China, the ultimate market for global retailers. Tesco said 50 percent of the joint venture will be owned by a consortium of leading Asian investors including Singapore's Metro Holdings. The project is valued at around 170 million pounds (US$275 million) in all, with Tesco and the joint venture consortium each investing some 30 million pounds, it said in a statement. It said loans would be provided by banks including the Industrial and Commercial Bank of China and Standard Chartered Bank but gave no breakdown. The joint venture will comprise three shopping malls in Shenyang, Xiamen and Fuzhou, each of which includes a Tesco hypermarket as an anchor tenant. It said its Lifespace shopping malls are part of Tesco's long-term strategy to i...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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straitstimes.com 03 Mar '11, 2am

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