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CapitaLand secures 60% stake in Chengdu sites

Singapore

IN A move to deepen its presence in China, CapitaLand has secured a 60 per cent stake in two adjacent prime residential sites in the New Southern Area of Chengdu in Sichuan province.

This interest is acquired through a proposed subscription of shares in two Chinese companies which own the sites for a total of 752 million yuan (S$155.6 million) in cash.

CapitaLand said that it planned to build 4,600 residential units for first-time homebuyers and upgraders on the sites, which cover about 133,333...

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