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Banks sign on to secure future of tallest tower
By Zhang Fengming |
July 19, 2009, Sunday
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Print Edition
Print Edition
WITH Shanghai on track to be a global financial center, its tallest financial hub landmark building still under construction yesterday secured a syndicated loan of 10 billion yuan (US$1.46 billion).
The developer of Shanghai Tower, which will be a 632-meter skyscraper, yesterday signed syndicated loan deals with eight major banks to secure capital for the building's future development.
These were Bank of China, Agricultural Bank of China, Bank of Communications, Industrial and Commercial Bank of China, China Development Bank, China Construction Bank, Bank of Shanghai and Shanghai Pudong Development Bank.
Shanghai Tower Construction and Development Co also signed deals with the banks to get specialized financial services and rental agreements.
"The Shanghai Tower will be a landmark in Shanghai's financial hub," said Bank of Communications Chairman Hu Huaibang. "Our bank will gear up our business in the city with Shanghai's rising as a global financial center."
The State Council issued guidelines earlier this year to make Shanghai a global leading financial hub and shipping center by 2020. The 121-floor Shanghai Tower, which will comprise offices, retail space, a super-five-star hotel and cultural facilities, will be part of a triangle of super-tall buildings in the Lujiazui Area, Shanghai's financial hub.
The financial area is already home to the World Financial Center, now the world's second-tallest building with a height of 492 meters. Its neighbor, the Jin Mao Tower, rises 420.5 meters above the Shanghai skyline.
Shanghai Tower, expected to cost 14.8 billion yuan, is scheduled to open partially in 2012.
The developer of Shanghai Tower, which will be a 632-meter skyscraper, yesterday signed syndicated loan deals with eight major banks to secure capital for the building's future development.
These were Bank of China, Agricultural Bank of China, Bank of Communications, Industrial and Commercial Bank of China, China Development Bank, China Construction Bank, Bank of Shanghai and Shanghai Pudong Development Bank.
Shanghai Tower Construction and Development Co also signed deals with the banks to get specialized financial services and rental agreements.
"The Shanghai Tower will be a landmark in Shanghai's financial hub," said Bank of Communications Chairman Hu Huaibang. "Our bank will gear up our business in the city with Shanghai's rising as a global financial center."
The State Council issued guidelines earlier this year to make Shanghai a global leading financial hub and shipping center by 2020. The 121-floor Shanghai Tower, which will comprise offices, retail space, a super-five-star hotel and cultural facilities, will be part of a triangle of super-tall buildings in the Lujiazui Area, Shanghai's financial hub.
The financial area is already home to the World Financial Center, now the world's second-tallest building with a height of 492 meters. Its neighbor, the Jin Mao Tower, rises 420.5 meters above the Shanghai skyline.
Shanghai Tower, expected to cost 14.8 billion yuan, is scheduled to open partially in 2012.
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