CapitaLand sells Beijing unit for $4.2m

Beijing CapitaLand Property Management Co. has ceased to be a wholly owned subsidiary of CapitaLand.

CapitaLand Limited has announced that its wholly owned subsidiary, CapitaLand (China) Investment Co., Ltd. has completed the divestment of its 100% interest in Beijing CapitaLand Property Management Co. (BCPM) for a cash consideration of $4.2m (RMB20.8m).

The adjusted aggregated net asset value of BCPM of $2.3m (RMB11.3m) as at 31 December 2018, which takes into account the agreed value of the property of $4.1m (RMB20.5m) and
the assignment of the outstanding loan of $1.9m (RMB9.5m) to the purchaser.

Following completion of the divestment, BCPM has ceased to be a wholly owned subsidiary of CapitaLand.

The divestment is in line with CapitaLand’s strategy of delivering better value to shareholders
through proactive portfolio reconstitution.

BCPM owns the clubhouse for the residential development known as Orchid Garden in Beijing and 137 carpark lots in the residential development known as La Foret in Beijing.