CapitaLand To Buy Site In China For $1.02B

CapitaLand, Southeast Asia’s biggest developer, and its partners are acquiring a development site in China’s Western Chongqing city for $1.02 billion.

CapitaLand, Southeast Asia’s biggest developer, and its partners are acquiring a development site in China’s Western Chongqing city for $1.02 billion, Bloomberg reports. The project comprises a shopping mall, residential space and offices.

CapitaLand and its retail property unit CapitaMalls Asia will each have a 25 percent stake in the project, while Singbridge Holdings and other partners will own the rest. The project, likely to cost a total of $3.309 billion, will be CapitaLand’s third shopping mall in the city. The company already owns 40 retail properties in China.

Click here for the story from Bloomberg.