CapitaLand sells stake in Central China Real Estate for $496m
The deal comprises 658,116,228 issued and paid-up shares.
CapitaLand LF (Cayman) Holdings (CLFC), a wholly-owned subsidiary of CapitaLand, has entered into a conditional agreement to divest its stake in Hong Kong-based Central China Real Estate to Joy Bright Investments for about $496m (HK$2.81b).
The deal comprises Central China Real Estate’s 658,116,228 issued and paid-up shares. The book value of the sale shares as at 31 December 2018 is $449m, and the latest available open market value of the sale shares is approximately $398m (HK$2.2b).
The transaction is expected to be completed in the third quarter of 2019.