HSBC, Tesco Form Joint Venture to Develop Three Malls in China
HSBC’s Specialist Investments Ltd., Metro Holdings Ltd. (METRO) and Tesco Plc (TSCO) formed a second, $280 million, joint venture to develop three shopping malls in China, Specialist Investments said in an e-mailed statement today.
The malls in the cities of Fuzhou, Xiamen and Shenyang will have 2.47 million square feet (229,300 square meters) of gross floor area and be anchored by a Tesco hypermarket on completion, according to the statement.
“This investment provides the fund with an opportunity to build on its excellent relationship with Tesco,” Stuart Jackson, head of real estate for Specialist Investments, wrote in the statement. “The properties will be developed and managed by Tesco who are an experienced partner with a strong track record in Europe and Asia.”
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