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25 Mar 2008

Swire Properties Establishes Mainland China Headquarters in Beijing

Swire Properties announces today the setting up of its Mainland China headquarters in Beijing, as a strategic move for its future business development.

“The establishment of a Mainland headquarters is undoubtedly a milestone for Swire Properties,” said Gordon Ongley, Swire Properties’ Chief Executive Officer – Mainland China, at the Company’s first media gathering in Beijing. “With our current commitments to long term investment in the PRC, it is a natural step to establish our PRC head office in Beijing to facilitate further growth.”

Swire Properties’ first representative office was set up in Guangzhou in 2001, followed by Beijing and Shanghai in 2005 and Chengdu last year. Besides The Village at Sanlitun, which will be the Company’s first project to open in China, Swire Properties has a 97-per cent stake in TaiKoo Hui in Guangzhou and a 50-per cent shareholding in the Dazhongli project in Shanghai. Together with the newly-announced retail-led joint venture project located at Jiang Tai in Chaoyang District, Beijing, the Company’s total commitment to China investment is in excess of RMB 20 billion, producing a total gross floor area of over one million square metres (11 million square feet) across the four projects. Upon completion, all four projects will be managed by Swire Properties.

“Swire Properties believes in long-term value creation and the building of vibrant communities through projects that we develop and manage. We are eager to explore new investment opportunities in first and selected second-tier PRC cities,” added Ongley. “Of equal importance is the formation of strategic partnerships, which we are keen to develop with companies that share the same vision.”

Incorporated in 1972, Swire Properties develops and manages commercial, retail and residential properties which offer exceptional and inviting environments in prime locations, providing the highest level of accessibility and connectivity to its tenants, shoppers and visitors. Besides developing sustainable commercial communities, the Company is also renowned as a devoted patron of the arts as well as a pioneer in the protection of the environment.

“What makes Swire Properties different is our commitment to providing not only functional spaces, but also the creation of a lifestyle for everyone in the community where we operate, whether for work or for play,” added Ongley.

Swire Properties’ completed portfolio in Hong Kong totals over 1.2 million square metres (13 million square feet) of gross floor area, with Island East, Pacific Place and Festival Walk as its core holdings. The Company’s portfolio is home to one of Asia’s largest collections of public artworks, and has been the stage for more than 1,300 art and cultural events during the past decade. Outside Asia, the Company has a presence in the USA as well as the United Kingdom.