CapitaLand will divest partial stakes in six of its Raffles City developments in China to Ping An Life Insurance Company of China for 46.7 billion yuan (S$9.6 billion/$7.2 billion), reported The Business Times.
CapitaLand will retain a stake of 12.6 percent to 30 percent in each development, namely Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning (Shanghai) and Raffles City Hangzhou, the group said in a filing to the Singapore Exchange on June 28. The group currently holds stakes ranging from 30.7 percent to 55 percent.
