Hong Kong's Orient Overseas International (OOIL) shipping group yesterday raised US$2.2bn by selling its China property arm to Singapore's CapitaLand, south-east Asia's biggest developer.
CapitaLand, which is recycling the S$2.7bn (US$1.9bn) it raised in November through an initial public offering of CapitaMalls Asia, its shopping centres subsidiary, has said it wants to increase its China exposure from 28 per cent of assets to 45 per cent.
The deal will give CapitaLand control of seven sites located in Shanghai, Kunshan and Tianjin, taking the group's Chinese portfolio to 36 per cent of assets.
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