The 100% stake acquisition was worth approximately S$72 million.
The stake will be held by CapitaLand through its wholly-owned subsidiary, Bellevale Pte. Ltd. Following the acquisition, Kaihui has become a wholly-owned subsidiary of CapitaLand.
Kaihui, a company incorporated in China, owns a parcel of land of 124,737 square metres in Caidian District, Wuhan, Hubei Province of China. The land is planned to be developed into approximately 2,000 value homes.
The proposed development will be led by CapitaValue Homes Limited and will be the first value homes project in China by CVH.
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