Chinese beauty in California

The first phase of what will be one of the largest classical Chinese gardens outside China is now nearing completion in the United States. Workers are putting the finishing touches to the garden, which will open at the popular Huntington Library in San Marino, near Los Angeles (southern California) in February 2008, just after the Chinese New Year.

The Chinese garden — that will be known as Liu Fang Yuan, or ‘Garden of Flowing Fragrance’— is designed to occupy a 12-acre (nearly 5 hectares) site, five acres of which comprise the first phase. It is modelled on gardens in the Chinese city of Suzhou (near Shanghai) and has been built with the help of 50 Suzhou craftsmen. There were once more than 200 gardens in Suzhou, and nearly 70 of them are well preserved even today.

The garden at the Huntington Library is set on an artificial lake, with eight pavilions and five stone bridges. The complex will feature a tea-house and cover nearly 1.5 hectares. Eventually, as it expands, it will more than triple in size.

Traditional artisans and a California landscape company worked on the garden, key materials for which have come from China, including the highly sculptural rocks from Tai Hu near Suzhou, handcrafted lattice windows, and roof tiles. The skilled artisans from China are ensuring the authenticity of construction in every detail.

Gracefully winding pathways will lead visitors in and around the garden, inviting them to discover changing vistas and natural vignettes as they explore the garden from different vantage points.

As James Folsom, director of the Botanical Gardens at the Huntington Library, notes, “The world’s heritage of cultivated plants and landscape design is heavily indebted to China and its generations of artists, horticulturists and garden builders. Southern California in particular, is indebted to Chinese Americans and Chinese culture for the life and art they bring to the beautifully diverse world we are building together in this region. Creating a classical Chinese landscape at the Huntington makes our gardens more complete; it expands their diversity to celebrate and explore the beauty and rich heritage so unique to China and its people.”

The president of the Huntington Library, Steven Koblik, said, “A world-class Chinese garden will not only enhance the already diverse cultural offerings of Southern California, it will also be a prime destination for international visitors and a source of enrichment for the local community for generations to come.”

The design of the garden captures the spirit of classical Chinese gardens by incorporating traditional elements, materials and scholarly associations. This latter aspect finds perfect expression at the Huntington Library, with its renowned collections of art, literature, history and horticulture. The setting fulfills the essential elements described by Ming Dynasty garden masters for an ideal location, with its south-facing orientation and mountains to the north.

Singapore for property investment

The United Kingdom continues to be a highly attractive business zone — reinforced this year by the Singapore Government’s investments valued at GBP (pounds sterling) 1.2 billion in three top properties.

The property investment arm of the Singapore Government — GIC Real Estate—recently bought a 50 per cent stake in the prime WestQuay shopping centre in Southampton, on the southern England coast, from UK property giant Hammerson for almost GBP 300 million.

GIC ranks among the world’s top investment firms. The joint venture with Hammerson illustrates Singapore’s enthusiasm to raise its holdings of UK retail centres as well as other sites.

In March 2007, GIC bought a 40 per cent stake in the Metro Centre, near Newcasde, north-east England. The Metro Centre is the UK’s No 1 regional shopping centre and is Europe’s largest covered retail and leisure centre. It has been substantially extended and renovated to provide what is described as “an unrivalled shopping experience with 330 shops and attractions arranged across 167,000 square metres, drawing an estimated 24 million visitors every year.”

Strategic acquisition

Earlier, Merrill Lynch, the finance management advisory company, sold its flagship London office campus to Singapore’s state investors in a deal worth GBP 480 million.

The Merrill Lynch Financial Centre (MLFC) in London has been constructed with a very high standard. It features two of the largest trading floors in Europe, a 150-seat auditorium, a dedicated client centre as well as many amenities for thousands of employees.

Dr Seek Ngee Huat, President of GIC Real Estate, said in a media interview, “This property was a compelling investment opportunity due to its high specifications and modern design, as well as the strength of Merrill Lynch’s commitment. We view the MLFC as a strategic acquisition which meets our investment objective of maintaining a diversified portfolio of long-term assets across all property sectors in gateway cities around the world. We also look forward to building a strong relationship with Merrill Lynch, both as our tenant and as a partner.”

Dr Seek said the WestQuay deal was “an excellent opportunity to acquire a premier shopping destination.” The Southampton centre has 76,200 square metres of retail space, and its stores include such well-known names as Marks & Spencer and John Lewis. It generates rent of about GBP 25 million a year.

A GIC Real Estate spokesman said their mandate is to buy into real-estate-related assets outside the city state of Singapore. “Investments cover all property sectors including office, retail, industrial, hotel or residential assets — and product types, ranging from direct building acquisitions and property investment funds, to strategic stakes in publicly listed property companies, joint ventures and real-estate debt.”

The attractive WestQuay shopping centre was opened in September 2000 as a joint venture between Hammerson and Barclays Bank; in 2004, Hammerson bought out its partner. Hammerson PLC is a leading European real-estate investment trust, and the group has operations in the UK and France.

Investment in over 40 markets

Mr Lee Ek Tieng, GIC’s group managing director, said, “Over the years, GIC’s investment activities have increased substantially. GIC invests in more than 40 markets worldwide in a wide spectrum of assets, and has over 900 dedicated staff worldwide. Today, GIC ranks among the world’s largest fund management companies and is a sought-after business partner and investor.”

GIC Real Estate is the real-estate investment arm of the Singapore Government’s Investment Corporation. It manages a multi-billion-dollar portfolio of direct and indirect property investments, with more than 200 investments in some 30 countries. It is one of the largest institutional investors in Asia and ranks among the world’s top 10 global real-estate investment firms.