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Sino-Ocean Land and Swire Properties yesterday jointly announced that they have entered into an agreement for a RMB2.25 billion syndicated loan with Bank of China Limited, Agricultural Bank of China Limited and Nanyang Commercial Bank (China) Limited for their joint-venture companies, Chengdu Qianhao Real Estate Company Limited ("Chengdu Qianhao") and Chengdu Yingang Real Estate Company Limited. The RMB2.25 billion 10-year syndicated loan will provide funds for use in the development of the Chengdu Daci Temple Cultural and Commercial Complex. An official signing ceremony was held in Chengdu yesterday to mark the agreement.
"The Chengdu Daci Temple Cultural and Commercial Complex is the debut commercial property in Western China for Swire Properties and our partner, Sino-Ocean Land," said Guy Bradley, Swire Properties' Chief Executive Officer - Mainland China. "The project is designed to create a brand new retail and lifestyle experience in the city while embracing Chengdu's local heritage. We appreciate the banks' confidence in the project and we believe the Chengdu community will be very proud of the exciting new landmark."
Chen Lei, Assistant General Manager of Sino-Ocean Land and General Manager of Chengdu Qianhao said: "The Daci Temple Complex is another large-scale development jointly developed by the two companies after the success of INDIGO in Beijing. In addition to renowned international brands and their luxury products, we will be bringing to Chengdu Grade A offices and exceptional hospitality offerings within one innovative open-plan design concept."
The Chengdu Daci Temple Cultural and Commercial Complex is located in the heart of Chengdu and the popular Chunxi Road shopping area in Jinjiang District. 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 sqm*, comprising a 100,000-sqm 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.
* Gross floor area excludes car park areas.
About Sino-Ocean Land
Founded in 1993, Sino-Ocean Land (The Company) was listed on the Main Board of the Hong Kong Stock Exchange in 2007.So far, The Company has been selected as constituents of series of indexes by Hang Seng Indexes Company Limited, including Hang Seng Composite Index, Hang Seng Composite Indexes(Properties & Construction), Hang Seng Mainland 100, Hang Seng Composite Size Indexes (Midcap Index) and Hang Seng Global Composite Index.
The Company is mainly engaged in the development of mid to high-end residential properties, premium office buildings, retail properties and serviced apartments, the sale of real estate and related business. The Company has over 50 projects in several fast-growing cities at various stages of development. Up to 31st Dec. 2012, The Company has a land bank of over 23 million square meters to meet the high-speed development in the near 3 to 5 years.
The Company has extensive experience of 15 years in commercial properties with completed projects, namely Ocean Plaza, ChemSunny World Trade Center, Ocean Office Park, Ocean International Center and We-life. In the future, The Company will speed up the development and increase the weight of commercial properties in the whole business.
View Sino-Ocean Land website at www.sinooceanland.com
About Swire Properties
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. Listed on the Main Board of the Stock Exchange of Hong Kong, the Company's investment portfolio in Hong Kong totals over 17 million sq ft (over 1.58 million sqm)* of gross floor area, with Island East and Pacific Place as its core holdings. In addition to Hong Kong, the Company has significant investments in Mainland China, the United States and the United Kingdom.
In Mainland China, Swire Properties has a portfolio amounting to over 13.5 million sq ft (approximately 1.26 million sqm)*, including five mixed-use developments in Beijing, Guangzhou, Chengdu and Shanghai. Of these, Sanlitun Village and INDIGO in Beijing and TaiKoo Hui in Guangzhou have opened.
Since 1980, the Company has been developing investment and trading properties on the island of Brickell Key in downtown Miami, Florida where it has created an acclaimed residential and commercial portfolio, including the new large-scale mixed-use project, Brickell CityCentre.
Through Swire Hotels, the Company also creates and manages 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.
Visit Swire Properties' website at www.swireproperties.com.
* Gross floor area in respect of 100% of the properties excluding car park areas and not on an attributable basis.
(First row from left to right)
Yuehong Qian, General Manager of Agricultural Bank of China Limited Sichuan Branch Real Estate Credit Department; Guy Bradley, Chief Executive Officer - Mainland China, Swire Properties Limited; Tao Xiong, Vice President of Bank of China Limited Sichuan Branch; Lei Chen, Assistant General Manager of Sino-Ocean Land Limited & General Manager of Chengdu Qianhao Real Estate Company Limited; and Jian Su, Vice President of Nanyang Commercial Bank (China) Limited Chengdu Branch, at the signing ceremony.