Actor Robert De Niro has joined a US consortium to invest in a huge property project in a historic area of China’s commercial hub Shanghai.
Set to open in 2016, “Project 179” near the city’s waterfront Bund district will transform four vacant buildings into an 850,000-square-foot complex. Mr De Niro is teaming up with his son Raphael, who works in property in New York.
Mr De Niro, known for his roles in films such as Taxi Driver and GoodFellas, said the area would become “one of the premier visitor destinations across the globe”.
The complex will include a boutique hotel, retail stores, a cinema and a performing arts centre. The commercial terms of the deal were not announced.
Speaking in Shanghai at the deal’s signing, Mr De Niro said: “By ensuring a design that reflects the vibrant history of Shanghai, Project 179 can serve as a jewel in its crown: ushering in a bright future while paying homage to its rich and storied past.”
Shanghai’s Bund is a strip of land along the river that cuts through the city, lined with grand buildings that once housed the city’s biggest banks and companies.
The US consortium is cooperating with the government-backed Shanghai Bund Investment Group, which won the right to develop the property in 2011. The four existing buildings mainly date from the 1920s and 1930s, it said.
(Edited by James Titcomb)