| FOR IMMEDIATE RELEASE | 16th November 2004 |
Swire Properties announced today (Tuesday, 16 November 2004) that the land use rights for "Taikoo Hui", a commercial and cultural complex in the Tianhe District of Guangzhou, have been awarded. This flagship development signifies Swire Properties' strategic entry into the property development market in Mainland China. Taikoo Hui is a joint venture with the Guangzhou Daily News Group in which Swire Properties holds a majority 97% stake.
Taikoo Hui is the first substantial development of Swire Properties in the Mainland. With Swire Properties' experience and expertise in developing and managing mixed-use integrated developments, Taikoo Hui will be a landmark for Swire Properties and for Guangzhou.
Total investment in Taikoo Hui will be in excess of RMB4 billion with a gross floor area of approximately four million square feet (450,000 square meters). The complex, to be managed by Swire Properties, is scheduled for completion in 2008. Situated in the heart of a major transport interchange, Taikoo Hui will include a combination of arts and cultural facilities with retail and commercial spaces in a single integrated development. The complex will consist of a major shopping centre, two office towers, a hotel and a performing arts centre.
Gordon Ongley, Director and General Manager of Swire Properties, said, "Taikoo Hui will become the fourth generation of Swire Properties' developments and will complement the success of Cityplaza, Pacific Place and Festival Walk in Hong Kong. This will be the first time we introduce the 'building community' concept to the fast-growing city of Guangzhou. We hope we can bring more vitality and business opportunities to Guangzhou as part of China's active economic development. "
A wholly-owned subsidiary of Swire Pacific Limited, Swire Properties is a leading developer in Hong Kong. Key shopping malls developed and managed by Swire Properties include Pacific Place, Festival Walk and Cityplaza. These developments not only are prime properties in Hong Kong's retail portfolio but they are also well-known destinations for Mainland visitors.
Visit Swire Properties' Media Centre at: www.swireproperties.com
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