HSBC Specialist Investments, through its interest in HSBC NF China Real Estate Fund, created a second joint venture with subsidiaries of Tesco PLC and the Singapore-listed Metro Holdings Ltd. in a portfolio of three shopping malls in China totaling 2.47 million square feet of gross floor area in the cities of Fuzhou and Xiamenfor approximately US$280 million. The first joint venture for two mixed-use developments and one mall development in northeast China closed in December 2009. All three malls of the first joint venture investment successfully opened in 2010.