Property developer CapitaLand through its wholly-owned unit CVH China Investment (CVHCI) has purchased a remaining 41.4 percent stake in CapitaLand China Value Housing Fund (CCVHF) from three external investors for US$73.83 million (S$93 million).
The price was agreed based on a willing-buyer and willing-seller basis, taking into consideration the vendors’ total committed capital and other factors. Following the acquisition, CapitaLand’s stake in CCVHF rose from 58.6 percent to 100 percent, giving the company full control over the implementation of its projects.
CapitaLand’s interest in CCVHF’s subsidiaries also increased accordingly with a 95 percent stake in Shanghai Kaihui Real Estate.
The company now has full control of CCVHF Investment One, CVH (China) Investment One, CCVHF Investment Two, CVH (China) Investment Two and Guangzhou Kaiyao Real Estate.
But the acquisition will not have any material impact on the group’s earnings per share or net tangible assets for the fiscal year ending 31 December 2013.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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