CDL's China unit ties up with China Vanke

Singapore

CITY Developments Ltd's (CDL) wholly-owned CDL China has tied up with one of China's leading real estate developers through a partial divestment of CDL China's interests in two projects in the Yuzhong district of Chongqing for 986 million yuan (S$202 million).

Under the strategic partnership with China Vanke Co, CDL China partially divested 70 per cent of Chongqing Huang Huayuan and 50 per cent of Eling Residences to China Vanke's subsidiary. As a result, both projects will be jointly developed and managed by CDL China and China Vanke.