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Swire Properties Limited ("Swire Properties")and HKR International Limited ("HKRI") jointly announced today that they have signed a 13-year RMB8 Billion syndicated loan facility for their Dazhongli project, which is being co-developed by the two companies in the heart of Shanghai.
The project is a major investment by Swire Properties and HKRI in Shanghai's Jing'an district. With a planned gross floor area of approximately 323,000 sqm, this world-class mixed-use development will comprise a retail centre, two office towers and three hotels. Foundation works are expected to commence in 2011, with the whole project scheduled for completion in phases from 2015.
The capital raised will be used as general working capital for the construction and development of the Dazhongli project.
The loan facility was provided by a syndicate of seven banks, as follows:
Lead bank:
Co-lead banks:
Syndicate members:
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 over 17.8 million sq ft (approximately 1.66 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 10.8 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
HKR International Limited ("HKRI") is a Hong Kong-based conglomerate that has been publicly listed on The Stock Exchange of Hong Kong since 1989 (Stock Code: 00480). It is currently a constituent of the Hang Seng Composite Index. HKRI has diverse interests in property development and management, luxury hotels and serviced apartments, property-related manufacturing, transportation, healthcare and other investments in Hong Kong, China and Asia.
HKRI's flagship project in Hong Kong is Discovery Bay, which occupies 650 hectare of land on Lantau Island. Over the last three decades, Discovery Bay continues to undergo strategic development and repositioning and is now an up-market residential community and a dining and entertainment hub. Meanwhile, HKRI's world-renowned hotels, including The Sukhothai hotel in Bangkok and The Sentosa Resort & Spa in Singapore, continue to win regional and international recognitions for their unrivalled service quality.
HKRI entered the Mainland property market in 1990s. Apart from the Dazhongli project in Shanghai, its current portfolio includes the 15%-owned investment property in Tianjin, The Exchange, which is a mixed-use development jointly invested by the Government of Singapore Investment Corporation Pte Ltd (GIC) and comprises two office towers, a retail mall and a hotel. Chelsea Residence, formerly HKRI's wholly-owned deluxe en bloc serviced apartments located in the prestigious Huashan Road in Shanghai, was launched for strata-title sale in 2009 and was snapped up by the market.
HKRI has also established a comprehensive network of medical and dental facilities across Asia, with GenRx Holdings Limited, its wholly-owned subsidiary, operating over 50 clinics in Hong Kong, Shanghai, Shenzhen, Macau and Manila to serve an increasingly health conscious Asian population.
For more details, please visit HKRI's website at www.hkri.com