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08 Mar 2010

Swire Properties Announces Groundbreaking China Partnership with Mainland Developer Sino-Ocean Land (3377)

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.