Keppel Land China divests Nantong residential project for 1.43b yuan

Singapore

KEPPEL Land China's wholly owned subsidiary Merryfield Investment has entered into an agreement to divest its 100 per cent stake in Keppel Lakefront (Nantong) Property Development Co (KLNPD) to Nantong Wanjun Commercial Information Consultancy Co for 1.43 billion yuan (S$292 million).

Keppel Land China will reap a net gain - inclusive of exchange rate gain - of around 368.5 million yuan from the divestment, which is expected to be completed by the end of September this…