CapitaLand unit divests China subsidiary

A UNIT of CapitaLand has divested its 100 per cent interest in Citadines Ming Zhu (Chongqing) Property (CMCQ) to an unrelated party for 99.2 million yuan (S$19.6 million).

CMCQ is incorporated in China and owns a property known as Somerset Jiefangbei Chongqing. Mingzhu Investments (Hong Kong), the CapitaLand subsidiary, sold CMCQ to Zhongshen Tianjin Commercial Management.

Following the divestment, which is part of CapitaLand's capital recycling strategy, CMCQ is no longer a wholly owned subsidiary of CapitaLand.

The divestment is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending Dec 31.

CapitaLand shares closed at S$3.460 on Thursday before the announcement, up seven Singapore cents or 2.07 per cent.