Tesco is pushing further into China with a joint venture to develop three shopping malls in two eastern provinces, each built around one of the supermarket chain’s hypermarkets.
The ￡170m ($274m) deal is funded by ￡30m of equity from Tesco, ￡30m from a consortium of Asian investors – with a 50 per cent share in the venture – and debt provided by banks including Standard Chartered and the Commercial Bank of China.
The plans represent a roll-out of Tesco’s China strategy, which envisages significant stakes in as many as 80 hypermarket-anchored shopping malls in the next six or seven years, adding up to ￡5bn in investment.
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