Everbright bought land next to CapitaLand's Chongqing site

CHINA Everbright Limited (CEL), which recently bought a stake in Singapore-listed Chongqing developer Ying Li, also bought a piece of land late last year in Chongqing - right behind the site of CapitaLand's landmark $4.1 billion investment.

CapitaLand's sizeable commitment gave Everbright the confidence that its own investment could work out, CEL's head of real estate investment and fund raising, James Pan, told The Business Times.

"We understood the site based on our own research, and CapitaLand's purchase just gave us more confidence. We can see this area becoming mature in five years," he said.