Hines announced that it has formed a joint venture with the China Everbright Group and Hotel Properties Limited (HPL) to resume the development of the 21st Century Tower project in the Lujiazui Financial District in Shanghai which will ultimately house a Four Seasons Hotel.

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, and in particular Shanghai, is one of the world's most important markets, said Wang Ming Quan, Chairman of China Everbright Group. The governmental support, market conditions, financial, legal and economic environment all combined to make Shanghai an obvious choice for such a major investment.

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 noted that Hines China has more employees than any of the other 12 countries in which the firm operates outside of the United States.

The rise of Shanghai as a truly international city and financial center of global importance make it fitting that HPL's first project in China should be located here, said Stephen Lau, Chairman of HPL Hotels and Resorts.

Shanghai has emerged as one of the world's important business centers, as well as an exciting cultural destination for leisure travelers, noted Kathleen Taylor, president of worldwide business operations, Four Seasons Hotels and Resorts. China and the entire Asia Pacific region continue to be an important area of opportunity for the company as we bring the Four Seasons experience to the places our guests need, and want, to go.