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Swire Properties Limited and Sino-Ocean Land jointly announce that they have entered into an agreement for a syndicated loan with Industrial and Commercial Bank of China Limited ("ICBC"), Beijing Branch and Bank of China Limited ("BOC"), Beijing Branch for their joint-venture company, Beijing Linlian Real Estate Company Limited ("Beijing Linlian"). A signing ceremony was held in Beijing today.
The RMB2.5 billion 15-year syndicated loan will provide funds for Beijing Linlian for use in the development and construction of a retail-led mixed-use property project located in Jiang Tai, Chaoyang District.
"We are pleased to have concluded this transaction with ICBC and BOC," said LI Ming, Chief Executive Officer of Sino-Ocean Land. "It demonstrates the banks' confidence in our project, which, I am sure, will become a world-class shopping and leisure destination upon its completion."
Along with its satisfactory construction progress, the project has recently acquired its official name - INDIGO in English and 頤堤港 in Chinese.
"INDIGO is a colour communicating depth and vibrancy. It represents a fashionable place filled with energy, an upmarket destination offering an aspirational lifestyle," said Martin Cubbon, Swire Properties' Chief Executive. "Its Chinese name conveys pleasure and refinement, a harmonious state of mind close to nature. We aim to offer an outstanding shopping, entertainment, business and hospitality experience at INDIGO."
With a site area of approx. 59,000 sqm (631,000 sq ft), INDIGO has a total floor area of 176,000 sqm (1.89 million sq ft) 1 and comprises a premium shopping centre, an office tower and a lifestyle business hotel with over 360 guest rooms. The project is due for completion in phases from 2011.
1 Gross floor area in respect of 100% of the investment properties excluding car park areas and not on an attributable basis.
About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail 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 over 10.6 million sq ft (over 988,000 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 Sino-Ocean Land
Sino-Ocean Land Holdings Limited (stock code: 3377) is a property market leader in Beijing and the Pan-Bohai Rim area. The Company focuses on developing mid- to high-end residential projects, premium office buildings, retail properties, serviced apartments and hotels. Over 30 development projects are in various stages of development in high-growth cities across the country, including Beijing Municipal City, Tianjin Municipal City, Dalian and Shenyang of Liaoning Province, Qingdao of Shandong Province, Hangzhou of Zhejiang Province, Huangshan of Anhui Province and Zhongshan of Guangdong Province.
On the back of its dedication to top-rate products and professional services, Sino-Ocean Land has built up a strong brand in Beijing, Pan-Bohai Rim and Pearl River Delta regions. As of December 31, 2009 Sino-Ocean Land's total land reserve registered 13.7 million sqm# in gross floor area. About 80% of the land reserve is located in the Pan-Bohai Rim area.
The Company has been selected by the Hang Seng Indexes Company Limited as a constituent of a number of its indexes, including the Hang Seng Composite Index ("HSCI"), the Hang Seng Mainland Composite Index, the Hang Seng China-Affiliated Corporations Index ("HSCCI"), the Hang Seng Composite Industry Index - Properties and Construction, the Hang Seng Freefloat Composite Index and the Hang Seng Mainland Freefloat Index, effective from 10 March 2008.
# Gross floor area of the land reserve is not on an attributable basis.