The specific situation of Shangri-La Hotel in Tianjin

The board of directors of Kerry Construction Co., Ltd. and Shangri-La (Asia) Co., Ltd. announced that they have signed a share transfer agreement and a joint venture contract for the construction project in Hedong District, Tianjin, and will establish a joint venture with Singapore listed company Allgreen Properties Limited (hereinafter referred to as AG) to jointly develop the CBD project of Tianjin South Railway Station. Shangri-La Hotel, which is famous at home and abroad, is about to enter Tianjin.

It is understood that the projects to be jointly developed by the three companies are located in the east of Haihe East Road, west of Liuwei Road, south of Liu Jing Road and north of Baoding Bridge Extension Line in Hedong District. The project covers an area of about 86,000 square meters with a building area of about 499,000 square meters. The estimated total investment is 4.5 billion yuan. According to the plan, the three parties will build a comprehensive project here, including Shangri-La Hotel, serviced apartment, office building, shopping mall, residence and related supporting facilities. The first phase of the project will start in the fourth quarter of this year, and the whole project is expected to be completed within seven years.

Shangri-La Hotel Group, headquartered in Hong Kong, is the largest luxury hotel group in the Asia-Pacific region, and Shangri-La is its five-star luxury hotel brand. At present, Shangri-La hotels have spread all over major cities and most resorts in Asia and the Middle East. This land in Hedong District was originally purchased by Shangri-La at 1994 for $60.4 million.