| FOR IMMEDIATE RELEASE | 2nd April 2004 |
Swire Properties Limited announced today (Friday, 2nd April 2004) that it has signed a revised joint venture agreement with the Guangzhou Daily Group to increase its stake in the Taikoo Hui commercial and cultural complex in Guangzhou to 97%.
Taikoo Hui is situated in the Tianhe District of Guangzhou and is scheduled for completion in 2008. The complex will consist of a major retail centre, offices, a hotel, a performing arts centre and a major city library, comprising more than 4 million square feet in total. The total cost of the project will be approximately RMB 4 billion. On completion, Taikoo Hui will be managed by Swire Properties.
Mr. Keith Kerr, Managing Director of Swire Properties, commented: "We are delighted to be able to increase the level of our financial commitment to the Taikoo Hui project. It is an affirmation of our belief in the continued growth and prosperity of Guangzhou and the Pearl River Delta."
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