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Keppel Land China unit to buy Beijing commercial property for 555M yuan

A unit of property developer Keppel Land China Ltd. agreed to purchase a commercial property in Beijing's Haidian district for 555 million yuan in a deal expected to close in the first quarter.

Under the terms of the agreement, Tosalco Pte. Ltd. will secure a 100% stake in Beijing Chang Sheng Business Consulting Co. Ltd., which owns the commercial property.

The 97%-occupied property consists of nine stories of office space, two stories of retail space and 23 car park lots.

As of Dec. 31, 2018, US$1 was equivalent to 6.88 yuan.