SINGAPORE (July 2): CapitaLand announced is selling its entire 24.09% stake in Hong Kong-listed Central China Real Estate (CCRE) to Joy Bright Investments, an existing shareholder of CCRE.
Targeted for completion in 3Q2019, the divestment amounts to a total of HK$2,831 million ($496 million), denoting an equivalent to HK$4.30 ($0.75) per share.
Lucas Loh, president of CapitaLand Group, China, says: “CapitaLand’s stake in CCRE has generated stable returns over the years. In view that CCRE operates primarily in Henan Province, outside of CapitaLand’s core city clusters, the divestment would allow us to reallocate capital to other opportunities in our core businesses... CapitaLand will remain disciplined in recycling our capital for reinvestments, with an annual divestment target of at least $3 billion.”
CapitaLand shares closed at $3.65, up 12 cents from the previous day.
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