The Group holds an effective interest of 76.13% in 廣東天河城(集團)股份有限公司 (Guangdong Teem (Holdings) Limited*) (“GD Teem”), the property owner of Teem Plaza. Teem Plaza comprises a shopping mall, an office building and a hotel. The shopping mall and the office building are held for investment purposes by the Group.
The shopping mall, known as Teemall, is one of the most popular shopping malls in the prime area of Guangzhou and it has a total gross floor area and lettable area of approximately 160,000 square metres and 103,000 square metres, respectively. The mall is successful in retaining existing brand-name tenants and attracting new ones. Strong demands for shop spaces in the mall and the open tendering system for selecting new tenants result in an increase of rental income.
The office building, known as Teem Tower, is a 45-storey Grade A office tower with a total gross floor area and lettable area of approximately 102,000 square metres and 90,000 square metres, respectively.
For information on the Sheraton Guangzhou Hotel, please refer to the section under "Hotel Operations and Management".
Tianjin Teem Shopping Mall
The Group owns a parcel of land in Tianjin to be developed into a large-scale modern shopping mall with a total gross floor area above ground and underground of approximately 137,100 square metres and 56,000 square metres, respectively.
Panyu Wanbo CBD Project
The Group's effective interest in 廣州市萬亞投資管理有限公司 (Guangzhou City Wanye Investment Management Company Limited*) ("Wanye") is 31.06%. 廣州天河城投資有限公司 (Guangzhou Tianhecheng Investment Co., Ltd.*), a 60%-owned subsidiary of GD Teem, directly holds a 68% interest in Wanye. Wanye owns a parcel of land in 番禺萬博中央商務區 (Panyu Wanbo Central Business District*), which is designated to be a new commercial area in Guangzhou. This parcel of land is being developed into a large-scale integrated commercial project with a gross floor area of approximately 260,000 square metres.
Guangdong Investment Tower
Guangdong Investment Tower is a 28-storey commercial building, which includes offices and a shop, located on Connaught Road Central, Hong Kong. The Group holds a total floor space of approximately 14,132 square metres in this building.
* For identification purpose only