Swire Properties Limited (“Swire Properties”) and HKR International Limited (“HKRI”) jointly announced today that they have entered into an agreement with Bank of China under which Bank of China will arrange and underwrite a syndicated loan of up to RMB8 billion for the Dazhongli project, which is being co-developed by the two companies. The syndication of the lenders is still being formed.
The Dazhongli project is a major investment by Swire Properties and HKRI in the Jing An District of Shanghai. With a planned gross floor area (excluding car parks) of approximately 3.5 million sq ft (approximately 323,000 sqm), the mixed-use development will comprise a major retail centre, two office towers and three hotels. It is scheduled to open in phases from 2014 onwards.