Sino-Ocean Land and Swire Properties yesterday jointly announced that they have entered into an agreement for a RMB2.25 billion syndicated loan with Bank of China Limited, Agricultural Bank of China Limited and Nanyang Commercial Bank (China) Limited for their joint-venture companies, Chengdu Qianhao Real Estate Company Limited (“Chengdu Qianhao”) and Chengdu Yingang Real Estate Company Limited. The RMB2.25 billion 10-year syndicated loan will provide funds for use in the development of the Chengdu Daci Temple Cultural and Commercial Complex. An official signing ceremony was held in Chengdu yesterday to mark the agreement.
“The Chengdu Daci Temple Cultural and Commercial Complex is the debut commercial property in Western China for Swire Properties and our partner, Sino-Ocean Land,” said Guy Bradley, Swire Properties’ Chief Executive Officer – Mainland China. “The project is designed to create a brand new retail and lifestyle experience in the city while embracing Chengdu’s local heritage. We appreciate the banks’ confidence in the project and we believe the Chengdu community will be very proud of the exciting new landmark.”
Chen Lei, Assistant General Manager of Sino-Ocean Land and General Manager of Chengdu Qianhao said: “The Daci Temple Complex is another large-scale development jointly developed by the two companies after the success of INDIGO in Beijing. In addition to renowned international brands and their luxury products, we will be bringing to Chengdu Grade A offices and exceptional hospitality offerings within one innovative open-plan design concept.”
The Chengdu Daci Temple Cultural and Commercial Complex is located in the heart of Chengdu and the popular Chunxi Road shopping area in Jinjiang District. The mixed-use development will be conveniently accessible from the interchange station of Metro Lines 2 and 3 and offers a total gross floor area of over 250,000 sqm*, comprising a 100,000-sqm open-plan shopping mall that offers 300 retail and dining outlets, a 100-room intriguing urban hotel managed by Swire Hotels, serviced apartments as well as the Grade A office tower, Pinnacle One. The Complex is scheduled to open in phases from 2014 onwards.