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HSBC set to buy Shanghai IFC tower for 5b yuan
14 April 2007
South China Morning Post





Source : skyscrapers.cn

Development Website : http://www.shanghaiifc.com.cn/

Sun Hung Kai Properties is to close selling an office tower at Shanghai IFC, Pudong, to HSBC Holdings for as much as five billion yuan next month, as foreign banks embark on an expansion spree in the mainland's larger cities, according to a mainland report.

The acquisition would probably set a record price for grade A office space in Shanghai provided various foreign banks are looking for world-class design development as their headquarters, analysts said.

Victor Lui Ting, an executive director at Sun Hung Kai Real Estate Agency, declined comment, saying he would explain details later. HSBC was unavailable for comment.

The office tower is part of a four million square foot, office-retail-hotel and serviced apartment project.

Shanghai IFC, in Lujiazui, the financial centre in Pudong, has three towers, including twin towers at 260 metres and 250 metres and an 85-metre tower. Tower One, comprising 900,000 sq ft of grade A office space, is expected to be completed in 2009. It includes a shopping mall and two luxury hotels managed by the Ritz-Carlton and W Hotels group.

The whole HK$8 billion project is slated for completion in phases from mid-2009 to 2010.

SHKP had agreed to sell an office block to HSBC for five billion yuan, the mainland Oriental Morning Post reported, without indicating its sources. The bank would be awarded the naming rights, the report said.

HSBC owns 4,800 square metres at HSBC Tower in Pudong after it paid US$33 million in 1999.

Property consultants said foreign banks had been looking for large bulk spaces for expansion in cities such as Shanghai and Beijing following the central government's move to open retail banking to overseas lenders last year.

William Cheuk, a director of office market at DTZ Debenham Tie Leung, said the prevailing record price for office space in Shanghai was US$6,000 per square metre in Puxi. "Foreign banks and insurance companies are rushing to expand their operations to capitalise on robust economic growth in Shanghai," he said.

Standard Chartered leased 11,420 square metres in UC Tower, UBS took up 5,200 square metres in Citigroup Tower, Rabobank leased 662 square metres in HSBC Tower and ABN AMRO leased 464 square metres in Azia Centre, according to Jones Lang LaSalle.

The sale of the office tower would be a departure from SHKP's original plan to keep Shanghai IFC for long-term investment.
 

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HSBC plants Shanghai roots
Flagship building will anchor plans to expand in China

26 June 2007
The Wall Street Journal Europe

SHANGHAI -- HSBC Holdings PLC said it intends to put its name on a new skyscraper in Shanghai's financial district, the latest big international bank to underscore its expansion plans in China with a flagship building.

The London-based banking giant said it plans to buy the top 20 floors of a twin-tower complex planned for the Pudong section of Shanghai. The 250- and 260-meter-tall towers are being built by Hong Kong's Sun Hung Kai Properties Ltd.

In 2009, HSBC intends to occupy space in the shorter structure of the 400,000-square-meter development that also will feature shopping and two hotels, by Ritz-Carlton Co. and Starwood Hotels & Resorts Worldwide Inc.'s W.

The beveled tower, HSBC Building-Shanghai IFC, will be taller than the bank's Hong Kong landmark. The 53,000 square meters that HSBC will occupy in Shanghai is slightly more than half of the space it has in its former world headquarters in Hong Kong. Terms weren't disclosed.

HSBC's property announcement follows its decision in April to sell and lease back its current headquarters in London's Canary Wharf district for GBP 1.09 billion ($2.18 billion).

"Almost half our business comes from emerging markets," said Stephen Green, HSBC chairman, at a groundbreaking for the Shanghai building. "That's where you'll see us making a priority with investments."

As foreign banks look forward to growth and liberalization in China's financial system, cities from Beijing and Tianjin to Guangzhou hope to emerge as the nation's business center. Meanwhile, Hong Kong is eager to retain its traditional position as the country's international gateway. Yet bankers and property analysts say Shanghai has the momentum.

Much of the rush reflects how China this year began letting foreign banks take deposits in yuan from its citizens, a market dominated by local giants that together hold about $2 trillion in savings. China also required foreign banks to designate a headquarters city, and the biggest ones have all chosen Shanghai.

The city government says about 135 financial institutions -- including the Shanghai Stock Exchange -- are in the Pudong financial district, and it hopes to have 600 that employ 200,000 people there by 2010.

HSBC, with profit in China of about $130 million last year, plans to open in at least 30 more locations and add 1,000 employees this year.
 

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CarlosRedDragon
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Welcome to SIFC!!Good job!! :applause: :cheers1:
 

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They are indeed beautiful towers. Thanks hkskyline & z0rg.

The architects are Cesar Pelli & Associates & Sun Hung Kai...

BTW Emporis has both being 70 floors each, with both their heights being @ 260m:

http://www.emporis.com/en/wm/cx/?id=110589
The plan has changed several times.

They were planning three towers at first! 2x250m~, 1x180m~.


Then they changed to 320m, 70 fl twin towers (best plan IMO).


And then they recovered the three tower plan, making the short one even shorter to 90m. Twin towers are 260m, 60fl and 250m, 58fl. This is the version they are constructing at last.


They were supposed to reject the 320mx2 plan because Jin Mao and SWFC couldn't be seen from Waitan/Bund area :eek:hno:
 
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