CapitaLand completes SCXC stake sale

The 100% divestment was for a cash consideration of approximately S$173 million.

Shanghai CapitaLand Xin Chuang Real Estate Development Co., Ltd., which has ceased to be a wholly-owned subsidiary of CapitaLand following the completion of the sale, owns a plot of land at 313 West Guangzhong Road in Zhabei District in Shanghai. The property, which is the sole asset of SCXC, has a total gross floor area of approximately 71,613 square metres and is currently under development.

The sale was made by CapitaLand through its wholly-owned subsidiary Yorksure Pte. Ltd., which has entered into a sale and purchase agreement with an unrelated third party. YPL owned 100% of SCXC’s registered capital representing approximately S$106.7 million.