| For Immediate Release | 30 March 2010 |
30 March 2010, Hong Kong - Swire Properties Limited ("Swire Properties") and HKR International Limited ("HKRI") jointly announced today that they have entered into an agreement with Bank of China under which Bank of China will arrange and underwrite a syndicated loan of up to RMB8 billion for the Dazhongli project, which is being co-developed by the two companies. The syndication of the lenders is still being formed.
The Dazhongli project is a major investment by Swire Properties and HKRI in the Jing An District of Shanghai. With a planned gross floor area (excluding car parks) of approximately 3.5 million sq ft (approximately 323,000 sqm), the mixed-use development will comprise a major retail centre, two office towers and three hotels. It is scheduled to open in phases from 2014 onwards.
About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use development in prime locations at major mass transportation intersections. The Company's investment portfolio in Hong Kong totals approximately 17.7 million sq ft (approximately 1.64 million sqm)* of gross floor area, with Pacific Place, Island East and Festival Walk as its core holdings. In addition to Hong Kong, the Company has a presence in Mainland China, the United States and the United Kingdom.
In Mainland China, Swire Properties has an investment portfolio amounting to approximately 10.8 million sq ft (over 1 million sqm)*, the majority of which is under construction. The four projects consist of mixed-use developments in Beijing, Shanghai and Guangzhou, with Sanlitun Village and The Opposite House hotel in Beijing being the best-known among them.
In 2008, the Company formed Swire Hotels to create and manage intriguing urban hotels in Hong Kong, Mainland China and the United Kingdom, aimed at providing an exceptional experience for travellers who seek individuality, style and personalised service.
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.
* Gross floor area in respect of 100% of the investment properties excluding car park areas and not on an attributable basis.
About HKRI
HKRI has been listed on The Stock Exchange of Hong Kong since 1989 and is currently a constituent of the 309-stock Hang Seng Composite Index Series (Stock Code: 00480).
The Company has diversified interests in real estate development and investment, property management, luxury hotels and serviced apartments, property related manufacturing, healthcare services and other investments in Hong Kong, Mainland and Asia. Its flagship development in Hong Kong, Discovery Bay, has been widely acknowledged as a pioneering model in Asia for its exceptional facilities like Golf Club, Marina, schools and well-developed transportation.
Visit HKRI's website at www.hkri.com.
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