CMA in 2.65b yuan deal for Guangzhou mall

CAPITAMALLS Asia (CMA) will be acquiring a new shopping mall in Guang-zhou, China with a total investment cost expected at about 2.65 billion yuan (S$541 million).

The mall will be acquired from Greenland Real Estate, a subsidiary of Shanghai-based Greenland Group, a state-owned enterprise that has investments in the energy and finance sectors, CMA said yesterday.

It is CMA's first purchase in the city and is subject to the approval of the Chinese government. The acquisition is expected to be completed by Q4 2014.