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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

Fiona Lam

Published Tue, Jun 11, 2019 · 09:50 PM

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.