Swire Properties and Guangzhou Daily Group announced today (Friday, 30 March 2001) that they have signed a letter of intent to undertake the development of a mixed-use project in the Tianhe district of Guangzhou. The complex will consist of a major retail centre, offices, hotel and cultural facilities totalling approximately 2.5 million to 3 million square feet.

Swire Properties will have a 55% stake in the development, with the Guangzhou Daily Group holding a 45% stake. Detailed terms and conditions are expected to be finalised by the third quarter of 2001.

Guangzhou Daily Group is one of the leading newspaper publishers in Mainland China and the current owner of the site to be developed.

Swire Properties, a wholly-owned subsidiary of Swire Pacific Limited, is one of Hong Kong's leading property companies with extensive experience in the development of major commercial, retail and residential properties.

                                                                       - End -