|For Immediate Release||21 July 2021|
Revitalise Historic Zhangyuan Shikumen Compound
21 July 2021, Shanghai - Swire Properties is pleased to announce today that it will form a joint venture management company with Shanghai Jing'an Real Estate (Group) Co., Ltd. ("Jing'an Real Estate Group") to collaborate in the revitalisation of Shanghai's Zhangyuan district. Together, the two companies aim to reposition and transform Zhangyuan into a unique international cultural and commercial landmark in the heart of the city.
The milestone was announced today after the two companies signed an agreement to proceed with the project. With a total site area of over 40,000 sqm, Zhangyuan sits on four land parcels in the core area of Nanjing Road West, currently owned by Shanghai Jing'an Urban Renewal Construction Development Co., Ltd., a subsidiary of Jing'an Real Estate Group. The area, comprising 43 shikumen blocks of around 170 historic buildings of 28 different styles, is the largest, best-preserved and most diverse shikumen compound in Shanghai. It presents a wide variety of architectural styles, from garden villas with Western elements to shikumen with traditional Chinese interiors. The area provides a valuable snapshot of Shanghai's rich architectural past and has become known as the "Best Garden in Shanghai".
The two companies aim to revitalise Zhangyuan into a vibrant lifestyle hub by fully preserving and restoring the shikumen houses and making full use of the underground area. With an expected gross floor area (above ground) of approximately 60,000 sqm, the urban revitalisation project will create a world-class cultural innovation venue, high-end office spaces, unique residential apartments, a boutique hotel and a wide variety of exciting retail and dining options. The underground area of more than 70,000 sqm will connect to three Metro lines (2, 12 and 13) at Nanjing Road West station and enjoy seamless access to nearby communities.
Swire Properties and Jing'an Real Estate Group will hold a 60% and 40% interest respectively in the joint venture company set up to manage and operate the project. This project not only gives Swire Properties a unique opportunity to participate in the urban regeneration and revitalisation of historical architecture in Jing'an District, but also testifies to the Company's long-term commitment to the development of Shanghai.
Shi Yunlun, Chairman of Shanghai Jing'an Real Estate (Group) Co., Ltd, said: "As the first protective urban regeneration project undertaken in Shanghai by Jing'an Real Estate Group, Zhangyuan is a good example of urban governance through the revitalisation and regeneration of historic districts. The Group already has extensive experience in the protection and rejuvenation of historic buildings. This project will leverage Swire Properties' expertise in commercial planning, hotel management, property leasing and management, making full use of its commercial property management experience. I am confident that the Zhangyuan rejuvenation project will create a new landmark for Jing'an District that blends the old with the new and combines East with West. By effectively preserving and restoring the original cultural fabric of the shikumen architecture we can reposition Zhangyuan at the heart of a new era for Shanghai."
"Shanghai has always been a very special city for the Swire group. This is where Swire began its China story 155 years ago and is also the first city where Swire Properties established a business presence in the mid-1990s. As a key participant in the cosmopolitan Nanjing Road West business circle, we are delighted to have this unique opportunity to partner with Jing'an Real Estate Group to take part in the long term development of Jing'an District through taking up a management role," said Tim Blackburn, Chief Executive Officer, Chinese Mainland of Swire Properties. "Swire Properties is very aware of the profound historical significance of Zhangyuan to the city of Shanghai and its people. We will bring all our experience, accumulated from previous urban regeneration projects, to this partnership in order to rejuvenate Zhangyuan and celebrate its cultural and historical significance."
Zhangyuan dates back to 1872 when a British merchant bought a plot of farmland and built garden villas in the area. In 1882, it came under the ownership of Chinese entrepreneur Zhang Shuhe, who expanded it and made it into a modern public gathering spot. From the time it opened to the public in 1885 up to the early 20th century, Zhangyuan was regarded as the best-known spot for entertainment activities and cultural diversions in Shanghai. It was where Shanghai's first entertainment park opened, becoming a popular location for exhibitions, Chinese opera, magic shows, leisure activities, gatherings, speeches, socialising and dining.
1. Leaders of the Shanghai Jing'an District Government, Shanghai Jing'an Real Estate Group and Swire Properties attended a signing ceremony in Shanghai for the Jing'an Zhangyuan Urban Regeneration Project.
2. Zhangyuan sits on four land parcels in the core area of Nanjing Road West and is the largest, best-preserved and most diverse shikumen compound in Shanghai.
About Shanghai Jing'an Real Estate Group
Shanghai Jing'an Real Estate Group engages in urban renewal construction, commercial real estate operation, property management services, real estate development and building renovation, with a business scope that covers the whole construction lifecycle and industry chain. In recent years, the Group has established its strategic positioning as "the guardian of historical buildings, the leader of urban renewal, the service provider of a community lifestyle and the leader of the back-alley economy" in relation to Jing'an District's "One Axis and Three Belts" development strategy. The Group has been named Outstanding Company in the Shanghai Meritorious Service Competition for 25 consecutive years (also winning the Golden Cup Company honour in 2000 and 2021) and has received a number of honorary titles. These include the second session of the Jing'an District Government Quality Award (Organisation); the Shanghai Civilisation Unit; Outstanding Member Unit of the Shanghai Property Management Association; Advanced Collective of the Shanghai Volunteer Service; and being awarded the title of sixth National Civilised Unit in 2020.
About Swire Properties
Swire Properties develops and manages commercial, retail, hotel and residential properties, with a particular focus on mixed-use developments in prime locations at major mass transportation intersections. Swire Properties is listed on the Main Board of the Stock Exchange of Hong Kong and its investment portfolio in Hong Kong comprises Taikoo Place, Cityplaza and Pacific Place. In addition to Hong Kong, the Company has investments in the Chinese Mainland, the United States, Indonesia and Vietnam.
In the Chinese Mainland, Swire Properties has six completed mixed-use developments in Beijing, Guangzhou, Chengdu and Shanghai, including Taikoo Li Qiantan, the retail project in Shanghai which is set to open in September 2021. The Company's attributable portfolio in the Chinese Mainland amounts to some 1,277,000 sqm.
Visit Swire Properties' website at www.swireproperties.com.
For media enquiries, please contact:
Swire Properties Limited
|Diamond Cheng||Matthew Chick|
|Public Affairs Manager||Senior Public Affairs Officer|
|Tel: (852) 2844 3948 / (852) 9302 7867||Tel: (852) 2844 3036 / (852) 9385 3814|
|Email: DiamondCheng@wireproperties.com||Email: MatthewChick@swireproperties.com|
|Audrey Li||Sylvie Pan|
|Public Affairs Manager||Senior Public Affairs Officer|
|Tel: (010) 8591 9221||Tel: (010) 8591 9223|
|Email: AudreyLi@swireproperties.com||Email: SylviePan@swireproperties.com|