Wednesday, March 26, 2008

Swire Properties invests RMB 20 bln in Mainland

Swire Properties Ltd, a wholly-owned subsidiary of Hong Kong-based Swire Pacific Ltd<19>, has invested totally RMB 20 billion into Chinese mainland, in a bid to tap on the booming retailing market on the Mainland.

The real estate developer has currently 4 property projects on the Mainland, including the commercial real estate project in Sanlitun in Beijing. The project, neighbored with the embassy area of Beijing, covers an area of 136,000 square meters. It consists of a commercial retailing area of 120,000 square meters and an individual boutique hotel. Swire Properties holds 80% stake in the retail part of the project.

The project in Guangzhou, a complex of offices, two hotels and a cultural center, is scheduled to open in phases starting from 2010. Swire Properties owns 97% stake in the project. The construction area of the property project in Shanghai is around 334,000 square meters, in which the firm has 50% stake.

The total investment in all its mainland projects has exceeded RMB 20 billion, while the total construction areas have surpassed 1 million square meters.

Swire Properties was set up in 1972 in Hong Kong. It made its presence in mainland China early in 2001. It currently has four representative offices in Guangzhou, Beijing, Shanghai and Chengdu respectively.

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