Swire Properties, the property arm of Swire Pacific, and real estate development and investment company Sino-Ocean Land Holdings are partnering on a joint venture to develop a mixed-use project in Beijing to the tune of RMB4 billion ($560 million; €377 million).
Located in the Chaoyang central business district, the complex, totaling 1.9 million square feet of gross floor area, will feature a 921,000-square-foot retail center, more than 600,000 square feet of Grade-A office space and a 380-room five-star hotel. The development is slated for completion in 2010.
“Combining Sino-Ocean Land's solid track record in property development in the Mainland and our development and management experience in Hong Kong, we hope to set a new benchmark for integrated project development in the capital city, and thereby create a pleasant environment for the community,” Gordon Ongley, Swire Properties chief executive for China, said in a statement.
Meanwhile, Swire’s first project in Beijing, The Village in Sanlitun, is expected to complete its initial phase in the summer of 2008. Swire partnered with Hong Kong-based Gateway Capital’s private equity real estate fund Gateway China Fund I, to acquire the project for RMB4.8 billion in 2007.