Keppel unit buys 40% stake in project on prime Nanjing site

Singapore

KEPPEL Corp's China real estate unit is buying a 40 per cent stake in the development of a prime residential site in Nanjing, China for about 1.41 billion yuan (S$283 million).

Keppel Land China is buying the stake from a subsidiary of Shanghai-listed Gemdale (Group) Co, which will retain the remaining 60 per cent of the joint venture. The total development cost of the 8.8 hectare site is expected to be more than 5.2 billion yuan.