25th Jun 2007 08:49
HSBC Holdings PLC25 June 2007 HSBC CHINA HEADQUARTERS TO MOVE TO NEW BUILDING IN SHANGHAI IFC - SHKP's NEW PUDONG LANDMARK Sun Hung Kai Properties Group (SHKP) and HSBC today announced that the futureShanghai IFC, an ambitious landmark commercial complex by SHKP, will house HSBCChina's headquarters. The move demonstrates the confidence of both companies inthe Chinese economy. Subject to final agreement, applicable laws and regulatory approvals, it isproposed that one of the two high-rise towers of Shanghai IFC be named 'HSBCBuilding-Shanghai IFC'. It is also expected that HSBC China will occupy 20office floors of the HSBC Building-Shanghai IFC, taking up a total gross floorarea of approximately 53,000 square metres. Shanghai IFC is at 8 Century Avenue in the heart of the Lujiazui financialcentre. The integrated complex will contain 400,000 square metres of gross floorarea. Shanghai IFC will have twin towers and a lower block. It will provide210,000 square metres of grade-A offices, two hotels spanning over 90,000 squaremetres with 656 rooms managed by Ritz-Carlton and W hotels, plus a 100,000-square-metre mall with an array of international retailers. The whole project isscheduled for completion in phases from 2009 to 2010. Stephen Green, Group Chairman of HSBC Holdings plc, said: "This investment willfurther demonstrate our long-term commitment to China and our great confidencein Shanghai's future prospects. As our China headquarters, HSBCBuilding-Shanghai IFC will support the bank's plans for expansion across thecountry. 2007 has already been a landmark year for HSBC, with our incorporationin China earlier this year and the offer of renminbi services for its citizens.We have been very impressed with SHKP for creating this world class addition toShanghai's skyline." Walter Kwok, Chairman and Chief Executive of SHKP, said: "Sun Hung KaiProperties has extensive experience developing large-scale projects that areacknowledged for premium quality. We have gone to great lengths to make ShanghaiIFC a world-class example of excellence; employing top-notch architects anddesigners to work with us on the project. Shanghai IFC will match Hong Kong'stallest building Two IFC in terms of quality and facilities, meeting the mostexacting demands of multinational businesses." Notes to editors: 1. Sun Hung Kai Properties Group Sun Hung Kai Properties Group is one of the largest property companies in HongKong, developing all types of premium residential and commercial projects forsale and investment. The company is widely recognized for its quality andcomprehensive customer service. SHKP is responsible for many Hong Kong landmarks such as its headquarters SunHung Kai Centre, International Finance Centre (IFC), and International CommerceCentre (ICC) now under construction. Upon completion, ICC will be Hong Kong'stallest building, significantly boosting the company's portfolio and making itone of the biggest grade-A office landlords. SHKP's portfolio also includeslarge shopping centres like the trendy APM mall and notable luxury residentialprojects, including The Arch and Severn 8. The company has been increasing its mainland investments in recent years. SunDong An Plaza in Wangfujing was recently re-branded Beijing APM and positionedas a trend-setting shopping centre with an array of international retailers.SHKP's other principal mainland projects after Shanghai IFC are an integratedretail, office and residential complex on Huai Hai Zhong Road in Puxi, luxuryresidences on the Wei Fong waterfront in Pudong, MIXC. Hangzhou and the TaihuInternational Community in Wuxi. 2. HSBC Bank (China) Company Limited HSBC Bank (China) Company Limited started operations on 2 April 2007 as a whollyforeign-owned bank solely owned by The Hongkong and Shanghai Banking CorporationLimited. HSBC China incorporated the previous mainland China offices of TheHongkong and Shanghai Banking Corporation Limited. HSBC China's networkcurrently comprises 40 outlets, including 15 branches and 25 sub-branches. HSBCChina's headquarters is based in Pudong, Shanghai. 3. The Hongkong and Shanghai Banking Corporation Limited Established in Hong Kong and Shanghai in 1865, The Hongkong and Shanghai BankingCorporation Limited is the founding and a principal member of the HSBC Group.The Hongkong and Shanghai Banking Corporation Limited has a branch in Shanghai,which conducts foreign currency wholesale banking business. With around 10,000offices in 82 countries and territories and assets of US$1,861 billion as at 31December 2006, the HSBC Group is one of the world's largest banking andfinancial services organisations. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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