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Old October 16th, 2009, 01:27 PM   #1
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CHENGDU | Chengdu IFS | 248m x 2 | ~48 fl x 2 | Com

Developer: The Wharf
Architect: Arquitectonica
Start: December 2008

http://news.house100.cn/show-16187-1.html

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Old October 16th, 2009, 01:28 PM   #2
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Ground breaking ceremony. December 2008.






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Old October 16th, 2009, 01:28 PM   #3
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October 2009, by 唯有摧毁
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Old February 3rd, 2010, 08:20 PM   #4
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Hong Kong developers rush to market with wave of new loans
14 January 2010
Euroweek

Chinese Estates Group, China Overseas Land and Investment and Sino Land are all talking to banks about big new loans. Chinese Estates is looking for a Hong Kong dollar refinancing loan that pays around 100bp, China Overseas Land is talking to lenders about raising a HK$5bn loan and Sino Land is in the market with a HK$8.8bn loan through Bank of China, Hang Seng Bank, HSBC and Industrial and Commercial Bank of China.

But the list of Hong Kong real estate developers tapping the market does not stop there as The Wharf Holdings and Sun Hung Kai Properties are also courting lenders, as reported by EuroWeek last week.

Standard Chartered launched a fully underwritten HK$8bn five year bullet last Wednesday for Chengdu IFC Development, a special purpose vehicle wholly-owned by The Wharf. And Sun Hung Kai is talking to lenders about raising at least HK$5bn for an all-in of 88bp.

Outside the property sector, professional powertool maker Techtronic Industries is also looking to borrow money. It has nominated Bank of China to coordinate its facility.

The revival of the Hong Kong syndicated loan market has been eagerly awaited by many syndicated loan bankers. Only 69 deals worth $17.47bn were completed by Hong Kong borrowers last year, the lowest annual total in five years.

"Many companies put capital expenditure on hold for the whole of last year and now that loan margins are starting to come in, companies are trying to capitalise and issue new debt," said one banker.

Sino Land is using its funds to purchase and develop property in Hong Kong’s Tai Po district, while The Wharf’s debt will finance the land and development cost of a project in Chengdu.

Sub-underwriters on The Wharf’s facility will earn a 15bp underwriting fee, a 40bp management fee with an all-in of 127bp; mandated coordinated arrangers on a HK$600m take and hold ticket will earn 10bp take and hold fees and a 40bp management fee for an all-in of 126bp.

Only a handful of Hong Kong blue chips hit the loan market last year including Hutchsion Whampoa, which signed a HK$5bn five year deal that paid around 95bp in December, and Henderson Land, which paid a top level all-in of 125bp for its HK$8bn facility.
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Old March 28th, 2010, 07:52 PM   #5
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by 逆光


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Old May 9th, 2010, 09:10 PM   #6
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Another render
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Old June 12th, 2010, 11:25 AM   #7
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By zxj
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Old June 13th, 2010, 04:31 AM   #8
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Looks like an interesting project for Chengdu
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Old June 13th, 2010, 11:21 AM   #9
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Chengdu is a great city to live in. People there do not have to rush to work every day and are able to enjoy tea and interesting conversions with family or friends. I've been planning to visit the city for a long time but still not yet set out for it.
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Old June 26th, 2010, 07:11 PM   #10
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By momoxf
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Old August 30th, 2010, 01:20 PM   #11
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August 27 by zxjszxjajb
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Old August 30th, 2010, 01:29 PM   #12
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a very deep hole! Thanks for sharing.
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Old August 30th, 2010, 04:48 PM   #13
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I think this design is a little back dated. However the IFC brand is expanding really fast.
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Old August 30th, 2010, 06:01 PM   #14
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Unearthing the past leaves Wharf stymied
4 September 2009
South China Morning Post

When archaeologists dug up evidence of a 1,000-year-old Tang-Song dynasty street in the middle of Chengdu two years ago - complete with house walls, a Buddhist temple and other relics - it was cause for celebration. Except that is for Wharf (Holdings), the developer.

In 2007, Wharf paid a record 7.24 billion yuan (HK$8.21 billion) for the 53,850 square metre site - more or less the same size as Harbour City in Tsim Sha Tsui. But for two years it has been stymied in its plan to build a new mega shopping/luxury living complex. The conflicting interests of development and historic preservation are still being sorted out.

The land bought by Wharf is in Chengdu's most expensive downtown area, Hongxing Road, today's business centre. The 7.24 billion yuan bid was the third-highest on the mainland.

Wharf planned to spend HK$10 billion on its flagship development, comparable to Harbour City and Times Square. The 4.72 million sq ft complex, named Chengdu IFC, would comprise a mega mall, top-grade office space, a five-star hotel and luxury homes. The first phase, the mega retail complex and one office tower, is now scheduled to be completed by the first half of 2013, two years behind schedule.

In October 2007, the Chengdu Municipal Institute of Archaeology began a site investigation before Wharf started the foundation work. After more than a year of exploration, it found Tang and Song dynasty remains - 22 houses, a brick road, precious bowls, dishes, a stone statue of Buddha and a sophisticated sewage system - all showing a well planned city.

Only one-sixth of the historical site is on Wharf land, but archaeologists say it contains some of the most precious artefacts.

Wang Wei, an archaeologist at Sichuan University's Archaeological Experiment Centre, said Chengdu was an important commercial city during the Tang and Song dynasties.

One of China's oldest cities, Chengdu was for some time the home of the poet Li Bai , and the first city to adopt the widespread use of paper money.

Mainland officials recently trumpeted the find as one of the top 10 archaeological discoveries in the nation last year. Some mainland archaeologists are pressing for the preservation of the relics at all costs.

But from a business perspective, rising construction costs and the difficulty of blending an historic site into a new development would require drastic revisions in design, involving lengthy delays.

The immediate suspension of construction raised concerns that Wharf would use the discovery as an excuse to abandon the investment.

After all, the shockingly high land price paid already made it difficult to make a profit. In terms of accommodation value - the cost of the land per square foot of total developed floor area - the 16,500 yuan per square metre was far higher than current transaction prices of 10,000 yuan per square metre for luxury apartments.

Eight years ago, tycoon Stanley Ho Hung-sun returned a site to the Guangzhou government after the remains of a Qin dynasty shipyard were found, according to Christopher Law, director at the Hong Kong-based architectural firm Oval Partnership. Oval is not involved in the Wharf project but has been working with several archaeologically sensitive developments.

However, the Chengdu government was eager to transform the city into China's western Wall Street and was reluctant to let Wharf walk away from the land-sale agreement.

It is unclear whether Wharf has paid the 7.24 billion yuan in full. A Wharf spokeswoman said only: "The instalment will be paid according to schedule."

At first, the Chengdu government offered an easy compromise. It would keep some of the pottery remains and a Buddha statue head for research purposes, according to sources close to the project. It would return the land to the developer to proceed with the landmark development. But that plan changed drastically when the State Administration of Cultural Heritage stepped in and insisted on the need to preserve all the relics by declaring it a top 10 heritage discovery of 2008.

However, since this body has no budget to compensate for losses from deferring the project, the developer lobbied the Chengdu government to sweeten the deal. After lengthy negotiations, the government decided to preserve the most historically valuable discoveries and asked Wharf to build a museum.

"Delays cost money and [Wharf] stands to dig deeper in its pocket," Law, the architect, said. "But it will not be more than 15 per cent of the original budget."

Housing the antiquities could be difficult. "But Hong Kong developers' mentality is to maximise the profit of every square foot," Law said. "They should see the relics as an asset. It is rare for an upmarket shopping mall and hotel on the mainland to also feature Tang and Song dynasty artefacts."

A Wharf spokeswoman refused to disclose details about the development plan, but said: "The design will be integrated with the discovery of the relics." Foundation work is scheduled to begin in the fourth quarter of this year.
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Old September 11th, 2010, 02:38 PM   #15
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September 10 by 盲。
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Old October 4th, 2010, 10:02 PM   #16
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October 2 by ryy
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Old October 14th, 2010, 02:04 PM   #17
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By 盲。
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Old October 14th, 2010, 03:25 PM   #18
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Design could be but nothing special, 6/10.
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Old October 30th, 2010, 05:01 PM   #19
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More renders




October 29 by zxjszxjajb


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Old October 30th, 2010, 05:09 PM   #20
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The shape reminds me of WTC in NY. The service floor every 30-50 floors, the top. Looks nice.
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