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Dow Jones reports that Tesco has signed a deal for a joint venture that will develop three major shopping malls in China, each of which will feature a Tesco hypermarket. According to the story, this is part of a broader China strategy that has Tesco opening 18 hypermarkets there between February 2009 and February 2010.

The story says that “50% of joint venture will be owned by syndicate of leading Asian investors including HSBC Nan Fung China Real Estate Fund, Singapore's Metro Holdings Ltd and Hong Kong's Nan Fung Group.”
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