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Sign in Sign up for a FREE subscriptionCapitaLand sells stake in Guangzhou project for $57m
CapitaLand has divested a 40 percent equity stake in Guangzhou Kai Ke Xing Mao Real Estate Development (GKK) to an unrelated purchaser for RMB 395.7 million ($57.13 million), reported The Business Times.
CapitaLand held its stake in GKK through its wholly owned subsidiary, CLC Investment Seven.
GKK owns a mixed-use site located in the Huangpu district in China's Guangzhou province; plans had been drawn to develop an integrated development comprising offices, retail, apartments, serviced residences and low-density strata-office components.
Following the completion of the transaction, CapitaLand’s interest in GKK has decreased to 45 percent; GKK has ceased to be a subsidiary of CapitaLand and has become an associated company instead.
