Swire Properties continues to develop $1.33b projects in Pudong, Shanghai
Swire Properties has plans to continue its partnership with Lujiazui Group to develop two new mixed-use landmarks in the heart of Shanghai’s Pudong New Area.
Swire Properties entered into Equity Transfer Agreements to acquire equity interests in the two companies that own the Yangjing and New Bund plots, at a total price of RMB 9.71 billion ($1.33 billion).
Swire Properties will hold a 40 percent equity interest in each of the projects. These two projects will be the company’s ninth and tenth large-scale developments in mainland China. The two sites will be developed into large-scale, mixed-use projects, including retail, office and premium residential components.
“In line with our HK$100 billion [$12.8 billion] investment plan, we are very pleased to have secured these two major investments in Shanghai, which will significantly scale up our presence in this important city,” said Tim Blackburn, chief executive of Swire Properties. “Following the succes