Swire Properties announced on 4th March that it will partner with Xi’an Cheng Huan Cultural Investment and Development Co., Ltd. (“Xi’an Cheng Huan Cultural”), a state-owned subsidiary of Xi’an Qujiang New District Management Committee, to develop Taikoo Li Xi’an. This will be the fourth iteration of their retail development series, Taikoo Li and the company’s seventh development in China.
The project was announced after the two companies successfully acquired (via government land tender) a site for commercial development in Beilin District of Xi’an, at a total price of RMB 2,575 million (US$407 million). The two companies will form a joint venture to develop the site as a retail-led mixed-use development, in which Swire Properties and Xi’an Cheng Huan Cultural will each hold a 70 percent and 30 percent interest respectively. The total investment for this new development is expected to be approximately RMB 10 billion (US$1.58 billion). Xi’an becomes the fifth city in the Chinese Mainland in which Swire Properties has a business presence, following successes in Beijing, Shanghai, Guangzhou and Chengdu.
Swire Properties will collaborate with Xi’an Cheng Huan Cultural to develop an urban regeneration plan for the area. Located at the Small Wild Goose Pagoda historical and cultural zone in Beilin District, Xi’an in Shaanxi Province, the site will be developed into a retail-led project featuring an innovative low-rise, open-plan architectural design that exemplifies the brand DNA of Taikoo Li, and will comprise retail and cultural facilities in addition to a luxury hotel, serviced residences and business apartments.
With an estimated gross floor area (GFA) of 269,218 square metres (above and below ground), this will be Swire Properties’ fourth Taikoo Li in the Chinese Mainland, following the successful development of Taikoo Li Sanlitun in Beijing, Sino-Ocean Taikoo Li Chengdu and Taikoo Li Qiantan in Shanghai. The project is expected to be completed by the end of 2025.
“As we celebrate Swire Properties’ 50th anniversary in 2022, we are very pleased to have secured our first major investment in Xi’an which testifies to our confidence in Xi’an and our long-term commitment to the Chinese Mainland,” said Tim Blackburn, Chief Executive of Swire Properties. “As a UNESCO World Heritage site we recognise the significance of the Small Wild Goose Pagoda historical zone and its importance to the city of Xi’an, and we’re excited to bring our Taikoo Li brand to this stunning location. We intend to apply all our expertise and experience in urban regeneration and placemaking to create a vibrant new landmark in Xi’an – a world-class destination which promises to enhance the commercial charm and influence of Xi’an both nationally and internationally.”