Tesco is to invest about ￡100m ($165m) in a joint venture with a group of Asian investors to build three large shopping centre developments in China, as Britain's biggest supermarket operator pushes into the country's rapidly growing retail market.
The retailer will form a 50-50 joint venture with HSBC Nan Fung China Real Estate Fund, Metro Holdings of Singapore and Nan Fung Group of Hong Kong.
One of the sites to be included in the joint venture will be Tesco's first Chinese shopping centre development, a 500,000 sq ft retail, entertainment and residential centre at Fushan in the north-east of the country.
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