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CapitaLand closes half of US$1B mall deal with China Vanke, partners

CapitaLand Ltd. said Sept. 4 that it closed the sale of its stakes in 10 companies that hold 10 of the 20 retail malls in China that were part of a US$1.1 billion transaction with China Vanke Co. Ltd. and partners Triwater Asset Management and SCPG Holdings Co.

The Singapore-based diversified property company signed the agreement early January as part of its strategy to focus on China's core cities.

The sold stakes in the holding companies range from 30% to 73.1%. Following completion, the companies ceased to be subsidiaries or associates of CapitaLand.

The other half of the deal is expected to be completed by the end of 2018.