You are here

KepLand China selling stakes in Chengdu township project

Monday, October 17, 2016 - 19:08

KEPPEL Land's (KepLand) two associated companies and their joint-venture (JV) partner are selling their stakes in Chengdu Century Development Co (CCDC) to Sichuan Zhong Tie Wen Rui Property Co for 342.08 million yuan (S$70 million).

KepLand has an effective interest of 44.05 per cent in CCDC and its effective share of the total consideration is some 150.69 million yuan.

The two associated companies of KepLand, a wholly owned unit of Keppel Corporation, are CityOne Township Development and Quivivet.

CCDC was formed as a JV company in 2003 to develop The Botanica township project in Chengdu, which comprises apartments and supporting amenities including a primary school and kindergartens.

The divestment is expected to be completed by end-2016. The transaction is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Corp for the current financial year.

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom