{"id":332802,"date":"2022-09-27T23:35:29","date_gmt":"2022-09-27T15:35:29","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=332802"},"modified":"2022-09-28T08:26:45","modified_gmt":"2022-09-28T00:26:45","slug":"swire-signs-deal-for-pudong-mega-project-in-qiantan","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/projects\/swire-signs-deal-for-pudong-mega-project-in-qiantan\/","title":{"rendered":"Swire Boss Signs Deal for Pudong Mega-Project During China Tour"},"content":{"rendered":"
\"Taikoo

The success of Taikoo Li Qiantan has Swire back asking for more<\/p><\/div>\n

Swire Properties\u2019 chief executive Tim Blackburn has concluded a fruitful trip to mainland China, securing a deal last week to develop a new mixed-use project in Shanghai\u2019s Pudong district, breaking ground for Swire\u2019s second luxury retail project in Guangzhou and pushing forward its Taikoo Li mall project in Xi\u2019an.<\/span><\/p>\n

In Shanghai, Swire signed a letter of intent with Lujiazui Group to develop a 600,000 square metre (6.5 million square foot) mixed-use project in the Qiantan area. The development will be an encore partnership for the Hong Kong-listed blue chip with the developer owned by the Pudong district government, following the launch of the Taikoo Li Qiantan mall, a Swire Properties representative told Mingtiandi.<\/span><\/p>\n

\"\"<\/a><\/p>\n

\u201cSwire Properties has always been firmly committed to Shanghai, and optimistic about the long-term potential of the Pudong New Area. We are keen to further scale up our investment in Pudong,\u201d the Swire spokesperson said.<\/span><\/p>\n

The site, referred to as Qiantan Lot No. 21 by local media, is located to the east and across the street from the Taikoo Li Qiantan mall. The project in one of the Pudong government\u2019s favourite development zones targets a gross floor area almost five times as large as Taikoo Li Qiantan.<\/span><\/p>\n

Taking Over From Hongkong Land<\/b><\/h3>\n

A 2021 plan for the Qiantan project shows that Lujiazui Group intends to develop two high-rise office buildings, and four residential towers spanning a total of 600,000 square metres or nearly double the scale of Swire\u2019s 322,000 square metre <\/span>HKRI Taikoo Hui JV<\/span><\/a> in Jing An district.\u00a0<\/span><\/p>\n

\"Tim

Swire Properties chief executive officer Tim Blackburn<\/p><\/div>\n

The partnership with Swire gives Lujiazui Group, which is the master developer for Qiantan, a second opportunity to develop the combined office\/residential complex after another Hong Kong commercial property specialist had walked away from the project more than three years ago.\u00a0<\/span><\/p>\n

Lujiazui Group had <\/span>signed a cooperation framework agreement with Hongkong Land<\/span><\/a> in 2015 to jointly develop the site at an estimated investment of around RMB 20 billion ($2.8 billion) in investment.\u00a0<\/span><\/p>\n

However, the deal was terminated in December 2018 because “certain conditions precedent were not fulfilled”, according to a statement by the division of Jardine Matheson Group in March 2019.<\/span><\/p>\n

Zhu Zhisong, the Pudong New Area party secretary, praised the Taikoo Li Qiantan mall in a meeting with Blackburn last Wednesday and welcomed Swire to invest further in the area to help Pudong become a hub for international consumption, according to <\/span>a statement posted on the Shanghai government\u2019s website<\/span><\/a>.<\/span><\/p>\n

\"qiantan

The Pudong government has courted foreign developers for its Qiantan projects<\/p><\/div>\n

The 116,000 square metre Taikoo Li Qiantan mall opened in September last year with stores from 24 brands making their China debut.<\/span><\/p>\n

The Pudong government has focused on attracting regional and international developers to Qiantan, with <\/span>US developer Tishman Speyer having opened its Crystal Plaza mixed-use project there in 2018, and Shun Tak Holdings currently building its New Bund 31 in the area formerly occupied by the Shanghai Expo.<\/span><\/p>\n

In addition to signing the deal for the Shanghai project, during his mainland tour Blackburn also made stops in Guangzhou, the capital of Guangdong Province, and Xi\u2019an, the capital of Shaanxi Province.<\/span><\/p>\n

Breaking Ground in Guangzhou<\/b><\/h3>\n

While in Guangzhou, Swire, together with the city government and Pearl River Enterprises Group held a contract-signing and ground-breaking ceremony for the Julong Bay commercial project on September 16, according to <\/span>a report by Guangzhou Daily<\/span><\/a>.<\/span><\/p>\n

\"\"<\/a><\/p>\n

Swire and Pearl River, a company owned by the local government, will jointly build a waterfront commercial project in the Julong Bay, Bai’etan section of Guangzhou\u2019s Liwan District, according to the report. The two companies had <\/span>signed a cooperation letter of intent<\/span><\/a> for the Julong Bay project in October 2021.\u00a0<\/span><\/p>\n

The Julong Bay project is Swire\u2019s second investment in the city after the company opened its first mainland project, Taikoo Hui Guangzhou, in the city during 2011.<\/span><\/p>\n

Mainland Expansion Targetted<\/b><\/h3>\n

Swire\u2019s latest projects are part of a HK$100 billion ($12.7 billion) mainland investment plan Swire introduced earlier this year targeting projects in Hong Kong, mainland China and Southeast Asia.\u00a0<\/span><\/p>\n

Half of the funds for that initiative have been allocated to the mainland market, with a focus on retail-led mixed-use developments in Tier 1 and \u201cemerging Tier 1\u201d cities, including Shanghai, Beijing, Guangzhou, Shenzhen, Chengdu and Xi\u2019an.<\/span><\/p>\n

\"\"<\/a><\/div><\/p>\n

In March, Swire formed a joint venture to acquire a high-end retail site in Xi\u2019an through a government land sale for RMB 2.57 billion. The 70:30 joint venture agreed to invest up to RMB 10 billion in a mixed-use project dubbed Taikoo Li Xi\u2019an, which would become the <\/span>fourth Taikoo Li commercial project<\/span><\/a> on the mainland.<\/span><\/p>\n

In August, Swire announced plans to open a luxury hotel in Shenzhen under The House Collective brand.<\/span><\/p>\n

Last Tuesday, Swire Properties and Sino-Ocean Group celebrated the 10th anniversary of their JV commercial complex INDIGO in Beijing. Swire representatives said during the event that foundation works for Phase II of INDIGO are under way with that RMB 23 billion project set to be completed in 2026.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Swire Properties\u2019 chief executive Tim Blackburn has concluded a fruitful trip to mainland China, securing a deal last week to develop a new mixed-use project in Shanghai\u2019s Pudong district, breaking ground for Swire\u2019s second luxury retail project in Guangzhou and… Read More>><\/a><\/p>\n","protected":false},"author":15511,"featured_media":307459,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3401],"tags":[4,5382,5359,6767,20,4878,22,841],"ppma_author":[9235],"authors":[{"term_id":9235,"user_id":15511,"is_guest":0,"slug":"iris-hong","display_name":"Iris Hong","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/9b763f846b691137c37951fe7f729e5d?s=96&d=mm&r=g","user_url":"","last_name":"Hong","first_name":"Iris","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/332802"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/15511"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=332802"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/332802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/307459"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=332802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=332802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=332802"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=332802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}