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SCMP Reporter

HSBC Holdings has secured the naming right to Sun Hung Kai Properties' (SHKP) upcoming Shanghai IFC building by agreeing to buy 20 floors to relocate its mainland headquarters.

At a ground-breaking ceremony for the project yesterday in Lujiazui, Pudong district, HSBC chairman Stephen Green said one of the twin towers, in which the bank will occupy 53,000 square metres of office space, would be known as HSBC Building-Shanghai IFC.

Declining to give details, he simply described the arrangement as  'a good deal for both parties'.

'As our China headquarters, HSBC Building-Shanghai IFC will support the bank's plans for expansion across the country,' Mr Green said.

He also said the bank would treat  emerging markets as a priority in the next few years.

HSBC paid US$33 million in 1999 for 4,800 sq metres of office space at  HSBC Tower in Lujiazui.

Mr Green said the company had not decided whether to sell the space because it would be a further two years before the IFC project was completed.

Completion of the deal is subject to a final agreement, and applicable legal and regulatory approval.

Scheduled to be completed by 2010, the integrated complex will contain 210,000 sq metres of grade A offices, 90,000 sq metres of hotels and 100,000 sq metres of retail space.

According to SHKP, Ritz-Carlton and W Hotels will manage respectively the two hotels with a total of 656 rooms.

Saying that the project would target mainly the financial sector, SHKP general manager Victor Lui Ting  was confident the rest of the office space would be leased before the project's completion.

The Shanghai IFC is designed with twin towers - one 260 metres high and the other 250 metres - and a lower block 85 metres high.



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HSBC

HSBC gains right to name tower in 20-floor Shanghai IFC deal