CapitaLand Ltd. closed the sale of its stakes in two Chinese malls, completing the Singapore-based company's planned exit from 20 malls in China under a US$1.1 billion deal.

The divestment of a 45% effective interest in each of the two malls was through three associates, Reach All Ltd., CapitaRetail Beijing XinXing Real Estate Co. Ltd. and CapitaMalls Quanzhou Commercial Property Co. Ltd., which are no longer affiliated with CapitaLand following the sale.

The malls are CapitaMall Cuiwei in Beijing and CapitaMall Quanzhou in Quanzhou.

CapitaLand agreed to exit its stakes in the 20 malls in January in order to focus on core cities. China Vanke Co. Ltd. and partners agreed to acquire the mall portfolio.