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08 Oct 2021

Swire Properties and Pearl River Enterprises Group Sign Cooperation LOI to Jointly Develop New Commercial Project in GBA

New Partnership to Foster Development of Julong Bay Area, Liwan District, Guangzhou

 

Swire Properties is pleased to announce that it has signed a Cooperation Letter of Intent (LOI) with Guangzhou Pearl River Enterprises Group (“PREG”) to jointly develop a commercial project in the Julong Bay Area, located in Liwan District, Guangzhou.  Joining the signing ceremony were Huang Tao, a member of the Standing Committee of the Liwan District CPC Committee and Deputy Head of Liwan District; Gao Dongwang, Chairman of PREG; Zheng Hongwei, General Manager of PREG; Wu Xiang, Deputy General Manager of PREG; leaders of the Investment Promotion Bureau of Liwan District, Tim Blackburn, Chief Executive of Swire Properties and Herman Chui, Director - Business Development for Swire Properties in the Chinese Mainland.

Located in west Guangzhou, Liwan District is positioned as the “cradle of Lingnan culture” in the city and enjoys stunning scenery on the east and north banks of the Pearl River.  The Julong Bay Area, as part of the Bai'etan (White Swan Pond) area, is positioned as the “West Central Business District” of Guangzhou, with strong development potential.  Swire Properties intends to collaborate with PREG to create a new urban commercial and cultural destination which echoes the city’s development vision and the intention to upgrade the city’s urban landscape.

“Following the success of Taikoo Hui Guangzhou, we are excited about this opportunity to develop a second major project in Guangzhou, in a district that enjoys rich traditional Lingnan culture and huge commercial development potential,” said Tim Blackburn, Chief Executive of Swire Properties.  “The signing of the Cooperation LOI is a testament to Swire Properties' long-term commitment to Guangzhou and to the development of the Greater Bay Area.  We are thrilled to have this opportunity to collaborate with PREG to explore the potential to develop a world-class commercial landmark, which will bring together the best of Lingnan culture, modern art and international trends in a stunning natural environment, contributing to the success of the ‘West Urban Living Room’.”

PREG has developed a comprehensive development and management plan for the Julong Bay area, in accordance with President Xi Jinping's guidelines to “inject new vitality” into the old city of Guangzhou.  Under the overall planning by the Guangzhou Municipal CPC Committee and Government, and led by the relevant municipal government departments and Liwan District, PREG is setting out to achieve the “four action plans”: to further integrate urban functions; strengthen urban culture; further modernise the service industry; and cultivate an international business environment in Guangzhou.  Together, these aim to create a “West Urban Living Room” in the Julong Bay Area, which organically blends culture, commerce, tourism, innovation and living.

“As the place where the ‘Canton Thirteen-hongs’ (large trading houses) originated during the Qing dynasty, the Julong Bay Area today is the core area of the Guangzhou-Foshan metropolis circle in the Greater Bay Area, with a rich business history and an inherent commercial DNA.  In this new era, PREG aspires to fully leverage the area’s cultural heritage to bring in new industries and top-tier corporations in order to rejuvenate the Julong Bay Area’s great business potential,” said Gao Dongwang, Chairman of PREG.  “This collaboration fully showcases the strength of PREG as the only enterprise with whole-industry-chain urban operation functions among state-owned enterprises in Guangzhou.  Leveraging Swire Properties’ vast experience in operating top-tier retail commercial projects, we will work together to create a new cultural and commercial landmark, and a world-class waterfront art hub in the Greater Bay Area.”

Drawing on its extensive experience and expertise in commercial development and urban revitalisation, as well as its creative approach to transforming neighbourhoods into vibrant and sustainable communities, Swire Properties intends to collaborate with PREG on the planning, design, positioning, operation and management of the project.

 

.Gao Dongwang, Chairman of Pearl River Enterprises Group (front row: left) and Tim Blackburn, Chief Executive of Swire Properties (front row: right) signed a Cooperation Letter of Intent to jointly develop a new commercial project in Julong Bay, Liwan District in Guangzhou of the Greater Bay Area, as part of their efforts to promote commercial development in the city.