Aug 23, 2008
CapitaLand's 4 new properties in China fund
SOUTH-EAST Asia's biggest real-estate player, CapitaLand, is
injecting four properties into the recently launched US$1 billion
($1.41 billion) Raffles City China Fund.
The Raffles City-branded properties, three of which are under
construction, are in the Chinese cities of Shanghai, Beijing, Chengdu
and Hangzhou.
All four properties are mixed developments.
Raffles City Shanghai, which was completed in 2003, has both office
and retail space. Raffles City Beijing, which will be finished next
year, will also have serviced residences.
Raffles City Chengdu and Raffles City Hangzhou, which are expected to
be completed in 2011 and 2012 respectively, will also have a five-
star hotel and serviced residences, in addition to office and retail
space.
CapitaLand has a 50 per cent stake in the fund, which it manages.
In return for injecting the four properties, it will receive
approximately US$841 million, the company said yesterday.
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