Development of 21st Century Tower in Shanghai resumes

Located along Century Boulevard, the main street in the ´Little Lujiazui´ Financial District, 21st Century Tower will be a 48-story mixed-use tower divided into four elements: 22,000 square meters of headquarters space for the China Everbright Group; 29,000 square meters of additional speculative Class A office space; a luxury 190-room Four Seasons Hotel; and, on the uppermost floors, 60 Four Seasons residences which will be among the most luxurious for-sale apartments in Shanghai.

Originally purchased by the China Everbright Group in 1997, the project was suspended later that year after construction of the foundation and basement due to significant changes in the Everbright Group´s business focus, including the elimination of its real estate business. Following extensive redevelopment studies and evaluations with Hines, and with the participation of HPL of Singapore, a new development plan has now been finalized.

The project is scheduled for completion in 2008.

"China is one of our most important markets today," said Jeff Hines, president of Hines. "With a decade of experience and a history of quality developments in Beijing, we are confident that the 21st Century project will provide a spectacular entry into the Shanghai market."

Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The company is also nearing completion of Park Avenue, a 265,000-square-meter residential complex located to the south of Chaoyang Park in Beijing.