Swire Properties to develop heritage site in city of Xian
Company taps growing popularity of projects combining preservation of historical landmarks
Swire Properties is working on a 10 billion yuan (HK$12.4 billion) development in the mainland city of Xian, tapping into the growing popularity for developments that combine preservation of historic landmarks.
The Hong Kong-listed developer and its joint venture partner, state-owned Xi’an Cheng Huan Cultural Investment and Development, will develop Taikoo Li Xi’an, a mixed-use project at the Small Wild Goose Pagoda historical and cultural zone in the city’s Beilin district.
Developers add some elements of preservation and a theme to make them special, according to Candy Chan, vice-president of external affairs at The Hong Kong Institute of Architectural Conservationists and director at Property Conservation.
She said the Sino-Ocean Taikoo Li Chengdu and Tian’an Sunshine Plaza in Shanghai had kept historic elements that have been well-received by the public. There would be more such projects not only on the mainland, but also other parts of the world, she added.
The Small Wild Goose Pagoda, a Unesco World Heritage Site, along with the Jianfu Temple built during the Tang dynasty, form an integral part of the Xian Museum, a popular tourist attraction.
“As a Unesco World Heritage Site, we recognise the significance of the Small Wild Goose Pagoda historical zone and its importance to the city of Xian,” said Tim Blackburn, chief executive of Swire Properties.
“We intend to apply all our expertise and experience in urban regeneration and placemaking to create a vibrant new landmark in Xian.”
The Xian city government has been working since 2017 on a comprehensive redevelopment of the historic area, as part of a major reconstruction project to improve the urban environment, protect historic relics and broader economic development of the city.
It is Swire Properties’ first major investment in Xian and seventh overall in the mainland after Beijing, Shanghai, Guangzhou and Chengdu.
The company and its joint venture partner acquired a 119,906 square metre commercial site via government tender in the heart of downtown Xian for 2.57 billion yuan. Swire owns a 70 per cent stake in the venture.
Swire Properties is also undertaking another urban regeneration project to transform the historic Zhangyuan shikumen compound in Shanghai. The first phase is expected to open this summer.
“We have a proven track record in developing successful commercial projects with significant historical and cultural content,” said a Swire Properties spokeswoman.
“Taikoo Li Xi’an is another opportunity for us to demonstrate our ability to develop a landmark project that combines local context with international design, respecting the traditional culture while creating commercial value,” she added.
Swire completed the SinoOcean Taikoo Li Chengdu in 2015, working with Chengdu city to build the mixed-use development consisting of a shopping centre and a luxury hotel close to the 1,000-year-old Daci Temple.