CapitaLand Development acquires two prime residential sites in China for 3.49b yuan, eyes recovery in sector

Singapore

CAPITALAND Development (CLD) is investing in 2 prime residential sites in China as it banks on a recovery amid headwinds in China's real estate sector.

In a statement released on Monday (Apr 4), CapitaLand Group's development arm said it has landed 1 site each in Wuhan and Chengdu for a total of 3.49 billion yuan (S$748 million). The developer is looking to construct 1,581 quality homes on the two sites, targeting first-time home buyers and upgraders, lifting its residential pipeline under development to 19,139 units.