CapitaLand To Buy Site In China For $1.02B

CapitaLand, Southeast Asia’s biggest developer, and its partners are acquiring a development site in China’s Western Chongqing city for $1.02 billion.

CapitaLand, Southeast Asia’s biggest developer, and its partners are acquiring a development site in China’s Western Chongqing city for $1.02 billion, Bloomberg reports. The project comprises a shopping mall, residential space and offices.

CapitaLand and its retail property unit CapitaMalls Asia will each have a 25 percent stake in the project, while Singbridge Holdings and other partners will own the rest. The project, likely to cost a total of $3.309 billion, will be CapitaLand’s third shopping mall in the city. The company already owns 40 retail properties in China.

Click here for the story from Bloomberg.

Southeast Asia China CapitaLand CapitaMalls Asia Singbridge Holdings