Swire Properties Limited’s subsidiary TaiKoo Hui (Guangzhou) Development Company Limited announced today that it has entered an additional agreement with the Bank of China Guangdong Branch to increase its term loan facility to RMB2.65 billion for the development of TaiKoo Hui project.
Guaranteed by Swire Properties, a five-year term loan facility of RMB2 billion was arranged in April last year. The developer and the bank have now reached an agreement to increase the loan facility by RMB650 million.
As a result of the increased loan facility for TaiKoo Hui, together with the RMB2.5 billion syndicated loan facility for the INDIGO project in Beijing and the RMB8 billion funding arrangement for the Dazhongli project in Shanghai, approximately 96% of Swire Properties’ currently estimated funding requirements for its existing mainland projects will be covered.
Gordon Ongley, Swire Properties’ Chief Executive Officer – Mainland, said, “TaiKoo Hui is one of our key developments in Mainland China. With the additional funding, we are confident that we will have sufficient resources for the development of this mixed-use project, which consists of a prime shopping centre, Grade-A offices, a luxury hotel and a cultural centre. Upon the completion of the project, we believe it will become one of the city’s outstanding landmarks.”
Centrally located in Tianhe District in Guangzhou and accessible via road and metro transport, TaiKoo Hui incorporates office, retail, hotel and cultural elements. With a pre-lease rate of over 80%, the retail centre is set to open in the fourth quarter this year.