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CapitaLand unit to divest a Beijing serviced apartment

PROPERTY group CapitaLand said that its wholly-owned unit, The Ascott Holdings, has on Friday entered into a sale and purchase agreement to dispose of its entire equity interest in a wholly-owned subsidiary, which in turn fully owns another company, the sole asset of which is a serviced apartment property in Beijing.

The sale is for a cash consideration of S$125 million.

The buyer is Hong Kong Qianhai Zhongjin Group Co.

In a statutory filing with Singapore Exchange, CapitaLand said the sale is part of its ongoing strategy to enhance capital productivity and strengthen its capability to pursue other projects and enhance returns for its shareholders.