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Swire Properties is pleased to announce a new strategic partnership with Mainland developer Sino-Ocean Land (3377) to explore and acquire new development opportunities in China. The strategic partnership was announced at a joint signing of a Framework Agreement in Beijing and marks the first strategic partnership for Swire Properties with a Mainland developer. The partnership brings together Swire Properties' expertise in conceiving, building and managing mixed-use projects with Sino-Ocean Land's successful track record in land acquisition and property development in China.
"We have had a strong and successful working relationship with Sino-Ocean Land since 2008 and are delighted to come to an agreement to cooperate over the longer term. Our companies are both committed to quality and to meeting the needs of the market as well as sharing a common vision of bringing pioneering, sustainable developments to China," said Martin Cubbon, Chief Executive of Swire Properties.
"This strategic collaboration signals a new phase in Swire Properties' growth plans for China, where we already have four flagship projects in various stages of development," he added.
The two developers first entered into a joint venture partnership in 2008, when they agreed to co-develop a retail-led mixed use project near Jiang Tai in Chaoyang district of Beijing. With a gross floor area (excluding car parks) of over 1.89 million sq ft (176,000 sqm)1, the project features a shopping mall, Grade A office space and a hotel of more than 360 rooms, and is due for completion in 2011.
"We are excited by the synergies and new opportunities that will result from this alliance," said LI Ming, Chief Executive Officer of Sino-Ocean Land. "We look forward to growing our partnership with Swire Properties and to building on our mutually compatible strengths."
To date, Swire Properties has a property portfolio in China which (excluding car parks) amounts to over 10.6 million sq ft (over 988,000 sqm)1. The Company's first retail project in China, Sanlitun Village, and the first Swire Hotel in China, The Opposite House, both opened in Beijing in 2008. TaiKoo Hui, the Company's flagship project in Guangzhou, comprises a retail centre, two Grade A office towers, the Mandarin Oriental Guangzhou and a cultural centre, with the retail portion scheduled to open before the Asian Games 2010. Swire Properties is also developing a new mixed-use business, shopping and entertainment hub in Dazhongli, Shanghai.
One of China's leading property developers, Sino-Ocean Land enjoys a substantial landbank of approximately 148 million sq ft (over 13.73 million sqm)2 and has a diversified portfolio of more than 30 projects in various cities in China, including Beijing, Tianjin, Shenyang, Dalian, Hangzhou and Zhongshan.
1 Gross floor area in respect of 100% of the investment properties and not on an attributable basis.
2 Gross floor area of the land reserve is 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 (excluding car parks) in Hong Kong totals approximately 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 (excluding car parks) 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 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, Hangzhou of Zhejiang 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.