CapitaLand Ltd, Southeast Asia’s largest property developer, has acquired a 100 percent stake in Wuhan Kaihui Real Estate Co. for approximately RMB361 million (S$72 million).
The Chinese company owns a 124,737 sq m land plot in the Caidian District in Wuhan and plans to develop the land into 2,000 value homes, which will be led by CapitaLand’s subsidiary, CapitaValue Homes.
CapitaLand said the stake will be held by the company through its wholly-owned unit, Bellevale Ltd, and added that the acquisition is not expected to have material impact on the company’s net tangible assets in the financial year.
In addition, CapitaValue Homes recently purchased a 65 percent stake in Quoc Cuong Sai Gon in Vietnam to lead the development of around 800 homes in Ho Chi Minh City.
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