By ANGELA TAN
CapitaLand Limited said on Monday that it has sold a 21-storey building with 310 apartment units known as Ascott Beijing in China for S$205.8 million in cash.
'The divestment is consistent with CapitaLand's active capital management,' the property group said in a statement.
CapitaLand's subsidiary, Ascott Investments Pte Ltd (AIPL) has sold its entire stake in Hemliner Pte Ltd (HPL) to Splendid Wealth Group Ltd, which is a subsidiary of Ascott Serviced Residence (China) Fund (ASRCF).
ASRCF is a private equity real estate fund investing primarily in China. CapitaLand has a 36.1 per cent interest in ASRCF.
HPL owns 100 per cent of the registered capital in Hemliner (Beijing) Real Estate Co, Ltd (Hemliner).
The sole asset of Hemliner is the property, located in the prime district of Beijing, China.
CapitaLand's total carrying value of its investments in HPL as at 31 May 2011 was S$80.5 million.
Following the completion, HPL and Hemliner have ceased to be wholly-owned subsidiaries of CapitaLand. CapitaLand will have an interest of 36.1 per cent in Ascott Beijing through ASCRF.
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