Actor Robert De Niro joins consortium to develop historic part of Shanghai
A US consortium that includes actor Robert De Niro plans to develop a huge property project in a historic area of Shanghai.
"Project 179" near the Bund district will transform four vacant buildings into an 76,500 square metre complex, the partners said in a news release.
Set to open in 2016, the complex would include a boutique hotel, retail stores, a cinema and a performing arts centre, the statement said. The project will also construct a new building.
De Niro, known for his roles in films such as Taxi Driver and Goodfellas, visited Shanghai for a signing ceremony.
"By ensuring a design that reflects the vibrant history of Shanghai, Project 179 can serve as a jewel in its crown: ushering in a bright future while paying homage to its rich and storied past," De Niro said.
The Bund, lined with grand buildings, once housed the city's biggest banks and companies.
The project participants include Tribeca Enterprises, a diversified global media company set up in 2003 by De Niro and two other partners. Commercial terms were not disclosed.
The US consortium is co-operating with the government-backed Shanghai Bund Investment Group, which won the right to develop the property in 2011. The four buildings mainly date from the 1920s and 1930s, it said.