CapitaLand completes 70% stake acquisition in SHGC

Increases exposure to Shanghai property market.

CapitaLand Limited (CapitaLand) wishes to announced that its acquisition of a 70% stake in Shanghai Guang Chuan Property Co., Ltd. (SHGC) which was unveiled back in June has been completed.

SHGC, a company incorporated in the People’s Republic of China with a registered capital of RMB1.35 billion (approximately S$274.4 million), owns two plots of land with a total gross floor area of 110,000 sqm in Hanzhonglu, Zhabei District, Shanghai.

The Property which will be developed into a mixed development comprising residential, office and retail components is entrally located within the Inner Ring of Shanghai and sits right above an interchange station for three metro lines. It enjoys a waterfront view of the Suzhou River. SHGC’s sole asset is the property.

Following the completion, SHGC has become a 70% owned subsidiary of CapitaLand.