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 of Tianjin, and will establish a joint venture with Allgreen Properties Limited (hereinafter referred to as AG), a Singapore listed company, 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 project to be jointly developed by the three companies is located in the east of Haihe East Road, the west of Liuwei Road, the south of Liujing Road and the north of Baoding Bridge Extension Line in Hedong District. The project covers an area of about 86, square meters, with a building area of about 499, 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 hotels, serviced apartments, office buildings, shopping malls, residences 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 a five-star luxury hotel brand under it. At present, Shangri-La hotels have spread all over major cities and most resorts in Asia and the Middle East. This plot in Hedong District was originally purchased by Shangri-La in 1994 for $6.4 million.