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25 Jan 2014

CITIC Real Estate, Dalian Port Real Estate and Swire Properties Jointly Announce Framework Agreement for the Development of Dalian Port Project

CITIC Real Estate, Dalian Port Real Estate and Swire Properties jointly announced today that the three parties have signed a Framework Agreement signifying their intention to jointly develop a target project in Dalian Port – subject to conditions precedent. Given the resources and experience of the parties, the proposed joint venture will bring to the city an exceptional mixed-use development comprising a retail complex and apartments. The signing took place in Dalian. Song Chuan, Chief Executive Officer of CITIC Real Estate, Liu Dan, Chairman of Dalian Port Real Estate and Guy Bradley, Swire Properties’ Chief Executive Officer – Mainland China were present and signed the agreement.

The sites for the target project are at Renmin Road, the core business area of Zhongshan District in the city of Dalian, Liaoning Province, with direct connection to Dalian Metro Line 2. They are expected to be developed into a mixed-use development comprising a retail complex and apartments, with a gross floor area of 295,000 sqm.

Song Chuan said: “As a pioneer company following the Reform and Opening up Policy, CITIC Real Estate attaches great importance to Dalian in our overall portfolio. We have already established solid cooperation with Dalian Port Real Estate and the Framework Agreement with Dalian Port Real Estate and Swire Properties will enable the significant resources of CITIC Real Estate to be combined with the substantial local property development experience of Dalian Port Real Estate and Swire Properties’ strengths and experience in property development and management.”

Liu Dan indicated: “As one of the most important and developed cities in northeast China, Dalian presents the prosperous economy and consumption potential. The target Dalian Port project is expected not only to provide the region with a premier development but also to improve the business environment of the city. It is a good opportunity to introduce more world-class brands and distinctive management to raise the international image of Dalian.”

“We are delighted to enter into this framework agreement with CITIC Real Estate and Dalian Port Real Estate,” said Guy Bradley. “This collaboration represents the sixth development for Swire Properties in Mainland China, and we are particularly pleased to have the opportunity to embark on our second TaiKoo Hui retail mall, and for the first time with an apartment component in Mainland China, in the prime location of Dalian Port. Swire Properties will bring to the project the benefit of our extensive international experience in designing, developing and managing large, retail-led developments.”