| FOR IMMEDIATE RELEASE | 16th April 2009 |
16 April, 2009, Guangzhou - Swire Properties Limited ("Swire Properties"), a wholly owned subsidiary of Hong Kong listed Swire Pacific Limited, announced today that it has entered into an agreement with the Bank of China Guangdong Branch for a RMB2 billion five-year term loan facility for its subsidiary, TaiKoo Hui (Guangzhou) Development Company Limited. The loan is to be guaranteed by Swire Properties.
The funds will be used in the development and construction of the TaiKoo Hui, mixed-use property project located at the junction of Tianhe Road and Tianhedong Road, Tianhe District, Guangzhou. The project has a site area of 527,000 sq ft (49,000 sqm) and on completion will comprise a total floor area of 4.37 million sq ft (406,000 sqm). It consists of a prime shopping centre, two office towers, a cultural centre and a hotel, the Mandarin Oriental. The project is due for completion, with a phased opening, starting in 2010.
Gordon Ongley, Swire Properties' Chief Executive Officer - Mainland, said, "We are very pleased to have concluded this transaction with the Bank of China, the first bilateral deal of this size in Renminbi for Swire Properties with a leading Mainland bank."
About TaiKoo Hui
Located in Tianhe District, Guangzhou, TaiKoo Hui comprises a prime shopping centre, two office towers, a cultural centre and a hotel, Mandarin Oriental, Guangzhou, with a total gross floor area of 4.37 million sq ft (406,000 sqm). The development is expected to launch in late 2010 in phases.
Swire Properties and Guangzhou Daily jointly own TaiKoo Hui, in which Swire Properties owns 97% interest.
About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail and residential properties which offer exceptional and inviting environments in prime locations, with a strategy to 'hub' its investment properties at major mass transportation intersections, providing the highest level of accessibility and connectivity to its tenants and patrons. The completed portfolio and developments in progress in Hong Kong total over 15.5 million sq ft (1,440,000 sqm) of gross floor area including One Island East completed in March 2008, with Island East, Pacific Place and Festival Walk as its core holdings, reflecting its strength in building communities.
In Mainland China, Swire Properties has a portfolio of completed developments and developments in progress amounting to over 7.9 million sq ft (730,000 sqm). Apart from TaiKoo Hui, the Company owns an 80% stake in the retail portions of The Village at Sanlitun and wholly owns a luxury hotel named The Opposite House, in Chaoyang District of Beijing. The Village South and the hotel have been opened since the summer of 2008. The Company also owns 50% interests in retail-led mixed-use developments in progress in Chaoyang District, adjacent to Jiang Tai in Beijing, and in the Dazhongli project in Jing'an District of Shanghai.
The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.
Visit Swire Properties website at www.swireproperties.com.
About Bank of China Guangdong Branch
Bank of China Guangdong Branch, a primary domestic branch of Bank of China Limited, is engaged in foreign currency exchange and international settlement for more than 80 years. With its well experienced and professional staff, BOC Guangdong Branch holds the lion's share in Guangdong foreign currency exchange and international settlement market. Since the reform and opening up, Bank of China Guangdong Branch, developed and developed.
Its assets scale keeps ahead in BOC domestic branches. Bank of China Guangdong Branch has more than 900 offices and sub-branches surrounding the Peal River delta.
Depending on strong capacity, worldwide network, advanced products and rich experience, Bank of China Guangdong Branch is dedicated to offering customers with a full range of high-quality banking services.
Visit Bank of China Guangdong Branch's website at http://www.bocgd.com.
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