Keppel sells Shenyang City township project for $105m

It sold its interests in Keppel Bay Property Development Shenyang, which owns the project.

Keppel Corporation's indirect subsidiaries Da Di Investment and Shanghai Merryfield Land sold their respective interests of 80% and 20% stake in Keppel Bay Property Development Shenyang (KBPDS) to Shenyang Vanke Property Development at a total price of $105m. 

According to an announcement, Keppel has an effective interest of 99.8% in KBPDS held indirectly through KLCL. KBPDS owns a residential township project in Hunnan New District, Shenyang City, China.

Keppel’s 99.8% share of the consideration is about $104.8m.

"The divestment is in line with Keppel Land’s strategy to recycle assets to seek higher returns and rebalance its portfolio to focus on selected high-growth cities in China," it said.

The completion of the divestment is expected to take place by June 2018. Following the divestment, KBPDS will cease to be a subsidiary of the company.