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Swire Properties Limited's subsidiary TaiKoo Hui (Guangzhou) Development Company Limited announced today that it has entered an additional agreement with the Bank of China Guangdong Branch to increase its term loan facility to RMB2.65 billion for the development of TaiKoo Hui project.
Guaranteed by Swire Properties, a five-year term loan facility of RMB2 billion was arranged in April last year. The developer and the bank have now reached an agreement to increase the loan facility by RMB650 million.
As a result of the increased loan facility for TaiKoo Hui, together with the RMB2.5 billion syndicated loan facility for the INDIGO project in Beijing and the RMB8 billion funding arrangement for the Dazhongli project in Shanghai, approximately 96% of Swire Properties' currently estimated funding requirements for its existing mainland projects will be covered.
Gordon Ongley, Swire Properties' Chief Executive Officer - Mainland, said, "TaiKoo Hui is one of our key developments in Mainland China. With the additional funding, we are confident that we will have sufficient resources for the development of this mixed-use project, which consists of a prime shopping centre, Grade-A offices, a luxury hotel and a cultural centre. Upon the completion of the project, we believe it will become one of the city's outstanding landmarks."
Centrally located in Tianhe District in Guangzhou and accessible via road and metro transport, TaiKoo Hui incorporates office, retail, hotel and cultural elements. With a pre-lease rate of over 80%, the retail centre is set to open in the fourth quarter this year.
About TaiKoo Hui
Located in Tianhe District, Guangzhou, TaiKoo Hui comprises a prime shopping centre, two office towers, a cultural centre# and a hotel, Mandarin Oriental, Guangzhou, with a total gross floor area (excluding car park areas) of approximately 4.41 million sq ft (over 409,000 sqm). The development is expected to launch in phases in late 2010.
Swire Properties and Guangzhou Daily jointly own TaiKoo Hui, in which Swire Properties owns 97% interest.
Visit TaiKoo Hui's website at www.taikoohui.com/en.
# The cultural centre will be handed over to Guangzhou Government upon completion.
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 Bank of China Guangdong Branch
Bank of China Guangdong Branch is a primary domestic branch of Bank of China Limited. Backed by a highly experienced and professional team, BOC Guangdong Branch holds the lion's share in Guangdong's foreign currency exchange and the international settlement market. Over the years, the BOC Guangdong Branch has achieved remarkable business growth and reputation.
The scale of its assets is kept well ahead than that of other BOC domestic branches. BOC Guangdong Branch has more than 900 offices and sub-branches across the Peal River delta.
With its worldwide network, competitive products and professional experience, BOC Guangdong Branch is set to offer customers with a full range of banking products and services.
Visit Bank of China Guangdong Branch's website at http://www.bocgd.com.