Singapore Firms Increase Property Holdings in China's Top Cities
Singapore asset manager and developers recently increased properties purchases in China's top two cities in the past month.
Keppel Land China, through its wholly-owned subsidiary,entered into an agreement to buy a 100% equity interest in Beijing Chang Sheng Business Consulting, which owns a completed commercial property (the property) in Haidian District, Beijing, for an aggregate cash consideration of RMB 555 million (approximately SGD 111 million). The transaction is expected to be completed in 1Q 2019.
CapitaLand in 50:50 venture to buy 70% of Shanghai's Pufa Tower for SGD 546.3million as seed asset for new fund it is setting up "to invest in commercial real estate in key gateway cities in Asia, the company said on Monday morning (Jan 7). CapitaLand and GIC also purchased Shanghai's tallest building.