Keppel Land China completes 1.26B yuan sale of full stake in Chengdu Hilltop

Keppel Corp. Ltd.'s property arm, Keppel Land China Ltd. completed the 1.26 billion yuan sale of its full stake in Chengdu Hilltop Development Co. Ltd. to Chengdu Longfor Development Co. Ltd.

The transaction was done through Keppel Land China's Hillwest Pte. Ltd. unit.

In November 2020 the company agreed to pay 845.2 million yuan as consideration for the divestment and 414.8 million yuan to repay loans owed by Chengdu Hilltop to a subsidiary of Hillwest.

Chengdu Hilltop Development ceases to be a subsidiary of Keppel Corp. following the transaction, according to a Feb. 4 media release.

As of Feb. 4, US$1 was equivalent to 6.47 Chinese yuan.