Swire Properties announced 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. As the Company's seventh development in the Chinese Mainland, it will be located at the Small Wild Goose Pagoda historical and cultural zone in Beilin District, Xi'an in Shaanxi Province. The two companies successfully acquired the 119,906 sqm site for RMB 2,575 million in a government land tender, and will form a joint venture to develop the site as a retail-led mixed-use complex, with the Company and Xi'an Cheng Huan Cultural each holding a 70% and 30% interest respectively. The total investment for this new development is expected to be approximately RMB 10 billion.

As Swire Properties celebrates its 50th anniversary in 2022, its Chief Executive Tim Blackburn said the Company is very pleased to have secured its first major investment in Xi'an that testifies to its confidence in the city and long-term commitment to the Chinese Mainland market. He added that the Company is excited to bring its Taikoo Li brand to the stunning world-class destination, and intends to apply the Company's expertise and experience in urban regeneration and placemaking to create a vibrant new landmark that will enhance the commercial charm and influence of Xi'an both nationally and internationally.

Expected to be completed by the end of 2025, Taikoo Li Xi'an will cover an estimated gross floor area of 269,218 sqm and comprise retail and cultural facilities, a luxury hotel, serviced residences and business apartments.