One of the single largest commercial investments led by Singapore consortium Shanghai, 3 September 2002 – Shanghai Hua Qing Real Estate Development Co. Ltd, a joint venture company formed by the affiliates of Shanghai Nanjing Road Trading Center, Temasek Holdings, GIC Real Estate, Sino Land and CapitaLand, commemorated the topping-out of Raffles City Shanghai today. The approximately US$ 350 million (RMB 2.9 billion) commercial development represents one of the single largest investments in Shanghai led by a Singapore consortium to-date. Raffles City Shanghai is set to be a landmark when completed by end 2003. Located in the heart of Shanghai’s thriving business district opposite the historic People’s Square and the Municipal Government Building, Raffles City Shanghai will offer about 85,000 square metres of Grade A intelligent office space and 45,000 square metres of retail space. The 45-storey office tower will be clad in granite with full height glass curtain walls providing spectacular views of the cityscape. The 7-storey retail podium features three exciting atriums for displays and activities, bringing a new experience to the growing number of cosmopolitan, fashion-conscious working adults and teenagers. The ceremony marks the completion of structural works for the development. It was officiated by Mr Xu Jian Guo, Shanghai Huangpu District Mayor and Mr S Dhanabalan, Chairman of Temasek Holdings. The event was witnessed by more than 300 guests including customers, business partners and key government officials. China is a key market for CapitaLand and its joint venture partners. CapitaLand has over S$1 billion or RMB 5 billion investments in China while GIC Real Estate has investments in several cities including Beijing and Shanghai. Sino Land’s footprint in China includes nine development projects in Shanghai, Guangzhou, Xiamen and Fuzhou. For Raffles City Shanghai, CapitaLand holds majority stake at 47.5%, while Sino Land holds 19%, Temasek Holdings and GIC 14.25% each and the remaining 5% is held by Shanghai Nanjing Road Trading Center, a company linked to the Huangpu district government. China presents a vast vista of investment opportunities, especially with China’s entry into the World Trade Organisation underscoring the importance it places on international commerce. Its commitment to adopting an open policy towards foreign investment is welcomed by multinational companies like CapitaLand and its joint venture partners. The further liberalization, increased transparency and greater corporate governance will translate into lower risks for foreign investors. Formerly known as Raffles Square, the development marks milestone attainments such as: - Being one of the single largest investments in Shanghai to-date, led by a Singapore consortium - Attracted an international team of financiers from Europe and Asia for the syndicated loan of US$180 million - Reported to be the single largest property financing transaction in China CapitaLand and its joint venture partners are pleased to be working with main contractor Shanghai Construction Group, which has delivered consistently high standards of site management and skills. The stylish building is designed by Singapore’s P&T Architects to reflect a modern, forward-looking approach to work and leisure in one of the most vibrant and exciting cities in the world. When completed, it will set the stage for a new generation of grade A commercial buildings in Shanghai.