Keppel Land China divests 40% interest in Nanjing Jinsheng
The completion of divestment will take place during the first quarter of 2022.
Keppel Land China, through its subsidiary Eternal Commercial, will divest 40% of its equity interest in Nanjing Jinsheng Real Estate Development to Yangzhou Jinhang Real Estate Development and Shanghai Luxin Real Estate Development.
The buyers will acquire the sale shares from Eternal and pay an aggregate amount of approximately $362m (RMB1.7b) in cash upon the regulatory authorities' approval of the cross-border remittance of the consideration to Eternal's designated offshore bank account.
Following completion of the divestment, Nanjing Jinsheng will no longer be an associated company of Keppel Corporation. The divestment will take place by the first quarter of 2021.