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CapitaLand agrees to Orient deal
By Cao Qian |
January 19, 2010, Tuesday
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Print Edition
Print Edition
CAPITALAND Ltd, one of Asia's largest real estate companies, yesterday reached an agreement with Orient Overseas (International) Ltd to acquire one of the company's China subsidiaries.
Under the deal signed yesterday, CapitaLand (China) Investment will pay US$2.2 billion for a 100 percent stake in Orient Overseas Developments (China) Ltd, which currently has seven real estate projects under development in Shanghai, Kunshan and Tianjin.
Gross floor area for the seven projects, among which half are residential developments, totals 1.48 million square meters, CapitaLand (China) Investment, an arm under CapitaLand China Holdings, said in an e-mailed statement.
"The acquisition has once again indicated our long-term commitment to the China market," said Jason Leow, chief executive officer of CapitaLand China Holdings, a wholly owned subsidiary of CapitaLand Ltd. "By obtaining projects in prime locations we are going to further expand our China portfolio strategically in both eastern and northern parts of the country."
The deal, scheduled to be concluded in the first quarter, will help lift the group's China asset proportion from 28 percent to 36 percent, according to the statement.
CapitaLand said earlier that it plans to raise its China asset proportion to 45 percent in the next three to five years.
The company said previously that it plans to build about 5,000 residential units annually in China in the next three years.
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