Shanghai, 16 May 2004 - Raffles City Shanghai, was officially launched today by Singapore's Deputy Prime Minister, Lee Hsien Loong, and Shanghai's Vice Mayor, Jiang Si Xian. Opposite Shanghai's historic People's Square, it comprises a 40,000 square metre retail podium and a 200 metre tall office tower with 87,000 square metres of prime Grade A commercial space. The ceremony was attended by over 600 guests from China, Hong Kong, India, Japan, Malaysia and Singapore.Raffles City Shanghai was developed by a consortium called Shanghai Hua Qing Real Estate Development Co., Ltd, comprising CapitaLand China, Sino Land, GIC Real Estate, Temasek Holdings, and Shanghai Ever Shining Culture (Group) Co., Ltd. It is one of the single largest property investments led by a Singapore consortium with the investment amounting to US$350 million (RMB2.9 billion).The official launch was accompanied by two other achievements: the setting of a record for the largest 'cai qiu' (silk rosette) in China, and Project Hope, a community effort to build schools in the Yunnan Province.For this record breaking feat, a large rosette woven with silk was suspended at the atrium of Raffles City Shanghai's retail podium. The silk rosette measured 3.3 metres in diameter and was made up of 250 metres of fine Chinese silk in a brilliant red. It is 22 times bigger than a regular 'cai qiu'. To the Chinese, the silk rosette and the colour red traditionally symbolise Prosperity, Wealth, Luck and Happiness. Through the silk rosette, Raffles City Shanghai would like to extend its best wishes for prosperity and happiness to all Raffles City Shanghai customers and tenants. Raffles City Shanghai also embarked on a fund raising exercise leading up to its grand opening, as part of its continuing effort to give back to the community. Over a month, the various activities organised by the development raised a total of RMB 520,000, including a RMB300,000 donation from Raffles City Shanghai. Public donations collected across 12 donation points in the centre reached RMB 220,000. All the funds raised will go towards Project Hope's aim of building two primary schools in the Yunnan Province. Chairman of the Board of Directors of Shanghai Hua Qing Real Estate Development Co., Ltd, and CEO of CapitaLand China, Lim Ming Yan, said, "Raffles City Shanghai has become a landmark in the Shanghai cityscape. It has proven to be popular among shoppers, and is recognised as a top class office space by multinational corporations. Today's achievements, of breaking a national record for the largest 'cai qiu' and Project Hope, emphasise our role as a responsible corporate citizen in China. On behalf of our joint venture partners, we would also like to express our utmost thanks to the Shanghai government, especially the Huangpu District government, for their valuable guidance and support." CapitaLand's President & CEO Liew Mun Leong said, "The opening of Raffles City Shanghai is a testament to CapitaLand's plans to grow our presence in the commercial sector in China. This ceremony marks our confidence in China and our desire to be a long term player in the China property market. We now have three commercial properties in Shanghai, namely Raffles City Shanghai, Pidemco Tower and another at Luwan. We recently set up CapitaLand China Investment Co. in Beijing and we will grow our business in the capital city. Overall, with the benefit of our Wholly Foreign-Owned Enterprise status, which gives us room to effectively operate as a local player, we plan to double our investments in China over the next five years. We have set up our Guangzhou office to tap the growing opportunities presented by the Pearl River Delta development."About Raffles City ShanghaiRaffles City Shanghai has become a new focal point in the historic People's Square in Shanghai. When the retail podium opened its doors on 1 November 2003, its total shop space of 40,000 square metres was almost fully tenanted. The podium is beautifully designed with water features at its entrance, a bright atrium and wide corridors. In addition to popular local brands, Raffles City Shanghai has brought new brands to the Shanghai consumers. These include Southeast Asia's well-known brand of bread, Bread Talk; Hong Kong's Novo Concept; Western Europe's DYRBERG/KERN, and more. The entire seventh floor of the retail podium is devoted to a gymnasium with a swimming pool.The office tower of Raffles City Shanghai at 200 metres in height is one of the tallest office buildings in Shanghai. Its prime location, well designed facilities and good property management has made it a bright light in the Shanghai Grade A office market. Even before the project was completed, about 60% of the office tower had already been leased out. The office tenants are all well-known multinational companies. Of these, some have also located their Asia Pacific/China headquarters in Raffles City Shanghai. Currently, the office tower is nearly 80% leased.