CapitaLand to sell its holdings in three China shopping malls
CRCT expects to enlarge its portfolio and its footprint from eight to 10 Chinese cities with 2.96b yuan acquisition
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Fiona Lam
Singapore
CAPITALAND will sell all its holdings in three shopping malls in China for 2.96 billion yuan (S$589.2 million) to CapitaLand Retail China Trust (CRCT), the two mainboard-listed companies announced in bourse filings on Tuesday morning.
A CapitaLand subsidiary and three associated companies entered into a conditional agreement with CRCT to divest their interests in the three companies that hold the three malls - CapitaMall Xuefu and CapitaMall Aidemengdun in Harbin in the country's north-east, and CapitaMall Yuhuating in Changsha in Hunan province.
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