Swire Properties Limited and Sino-Ocean Land have entered into an agreement with Bank of China Limited, Agricultural Bank of China Limited and Nanyang Commercial Bank (China) Limited for a RMB2.25 billion, 10-year syndicated loan for their joint-venture companies, Chengdu Yingang Real Estate Company Limited and Chengdu Qianhao Real Estate Company Limited. The loan will provide funds for use in the development of the Chengdu Daci Temple Cultural and Commercial Complex, located in the heart of the popular Chunxi Road shopping area in the Jinjiang District of Chengdu. The mixed-use development will be conveniently accessible from the interchange station of Metro Lines 2 and 3 and offers a total gross floor area of over 250,000 square metres, comprising a 100,000-square metre open-plan shopping mall that offers 300 retail and dining outlets, a 100-room intriguing urban hotel managed by Swire Hotels, serviced apartments, as well as the Grade A office tower, Pinnacle One. The complex is scheduled to open in phases from 2014 onwards.
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Swire Properties has chosen the new name of "Taikoo Li Sanlitun" for its prestigious Sanlitun Village mixed-use development in the Chaoyang district of Beijing. The incorporation of Swire's Chinese name, Taikoo (太古), in the Sanlitun Village development underlines its importance as the latest in a long and distinguished line of Swire Properties' developments and allows instant recognition of the Swire Properties brand. "Li" (里) rides on a long history of city planning in China and is similar to the "lanes" concept in Western culture.
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Swire Properties has announced the price list for DUNBAR PLACE, its latest residential development in Ho Man Tin, Kowloon, which is scheduled for completion by the first half of 2014. Located at 23 Dunbar Road, the 23-storey development comprises 53 three and four-bedroom apartments, ranging from 1,208-1,212 square feet (112.237-112.631 square metres) saleable area for the three-bedroom, and 1,829-1,830 square feet (169.957-170.038 square metres) for the four-bedroom apartments. Two special penthouse units of 2,032 square feet (188.823 square metres) and 2,152 square feet (199.911 square metres) saleable area are connected to their own private rooftop lawn. The price list includes 30 units at an average price of HK$20,869 per square foot (HK$224,620 per square metre).
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Swire Coca-Cola USA, a subsidiary of Swire Beverages, is one of five US bottlers who have agreed in principle with The Coca-Cola Company to participate in the creation of a stronger US business model, through the granting of new, expanded territories. Under this arrangement, Swire Coca-Cola USA will assume territories in Colorado, including the Denver and Colorado Springs markets; these markets border Swire Coca-Cola USA's existing territories and will increase its franchise population from 6.2 million to 10.7 million consumers. The transactions are subject to all the parties reaching definitive agreements by the end of 2013, with closure expected during 2014. Swire Coca-Cola USA currently has two production facilities located in Salt Lake City, Utah and in Fruitland, Idaho and operates 26 sales centres serving portions of 11 western states. Its existing franchise territory extends from Washington in the north to Arizona in the south and from California in the west to Nebraska in the east.
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Trading & Industrial
Taikoo Sugar Limited, TS Corporation and Sumitomo Corporation have signed an agreement to establish a sugar refinery in Guangdong Province, Mainland China. The joint venture company will be held 34% by Taikoo Sugar, 33% by Korean food company, TS Corporation, and 33% by Sumitomo Corporation, one of Japan's largest trading groups. The partners believe that there will be growth in the demand for high quality sugar products in Mainland China, driven by westernisation of diets; the refinery is expected to be operational by 2014.