Swire Properties has entered into a 50-50 joint venture with a subsidiary of China Tourism Group Duty Free Corp to develop a premium resort-style retail complex in Sanya. The joint venture acquired a site in Haitang district for RMB1.308 billion and will develop the project, located at Phase III of the Sanya International Duty-Free Complex, with completion expected in phases starting 2024. The retail landmark will become the Company's eighth large-scale commercial development in the Chinese Mainland.

"Thanks to its tropical climate and abundant natural resources, and accelerated by the Hainan Free Trade Port policy, Sanya has fast become one of the most popular travel and leisure destinations in China," Tim Blackburn, Chief Executive of Swire Properties said, adding that the site presents an exciting opportunity to develop a high-quality retail complex to satisfy the growing demand for a premium retail experience in the region.

Swire Properties Director of Retail Han Zhi said the retail complex will embrace Sanya's tropical coastline and unique ecological landscape while taking inspiration from the traditional fishing settlements of the indigenous Dan community, making it a unique luxury travel destination that combines retail with arts and cultural elements. The 200,000 sqm-site is within an hour's drive of Sanya Phoenix International Airport and Sanya Railway Station, and will be connected by a network of bridges to the Sanya International Duty-Free Complex.