Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Tencent President Liu Zhiping to Step Down From Board in May
Tencent President Liu Zhiping to Step Down From Board in May
China’s Box Office Snaps Five-Week Decline on Big Domestic Openings
In Depth: The Role of China’s Newly Created National Data Bureau
China’s Scandal-Plagued Semiconductor ‘Big Fund’ Gets New Chief
TikTok Steps Up European User Data Protections Amid Threats of Bans
Business Leaders Push Tech Agenda at China’s ‘Two Sessions’
China to Build 600,000 5G Base Stations in 2023
Xiaomi Goes Toe-to-Toe With Huawei in License, Patent Disputes
China Issues New Rules to Stamp Out Deceptive App Features
Chinese Regulators Question Auto Supplier Over Next-Generation Battery Claims
IQiyi Waters Down Plan to Cash In on Popular Feature After User Uproar
Guangzhou Commits $29 Billion to Local Tech Funds
Game Developer NetEase Teases Chatbot-Generated Dialogue for Mobile Release
China’s No. 2 Chipmaker Posts Record Quarterly Revenue, but Sees Slowing Growth
SMIC Warns of Difficult 2023 After Fourth Quarter Slowdown
Shanghai Bourse Probes AI Firms’ Stock Surge on Chatbot Fervor
NFTs, Metaverse Get Digital Cold Shoulder in Beijing
Baidu Talks Up ERNIE as China’s Answer to ChatGPT
Yangtze Memory Kicks Terminated Workers Out of Apartments
TuSimple Denies Media Report of U.S. Spying Probe
CapitaLand Sells Stake in Henan Developer in $2.2 Billion Divesture Plan

By Qu Hui and Han Wei / Jul 04, 2019 04:33 AM / Business & Tech

Photo: VCG

Photo: VCG

Singaporean developer CapitaLand sold all of its stake in Henan-based Central China Real Estate Ltd. as part of a plan to divest S$3 billion ($2.2 billion) of assets this year.

CapitaLand sold its 24.09% of Hong Kong-listed Central China for HK$2.8 billion ($360 million) to Central China’s founder and largest shareholder, Hu Baosen. The transaction is set to be completed in the third quarter, according to a CapitaLand filing.

Central China is the largest developer in Henan province with most of its business confined to the populous central province. CapitaLand invested in Central China since 2006 and received rich returns, but Central China’s business falls outside CapitaLand’s focus regions, said CapitaLand President Lucas Loh. After the sale, CapitaLand will direct the funds to other major business areas, Loh said.

Since last year, CapitaLand has offloaded several assets in smaller Chinese cities while shifting its investment focus to the biggest cities. The company currently runs more than 200 projects in 42 Chinese cities.

CapitaLand has said it plans to sell $2.2 billion of assets globally in a restructuring to concentrate on core assets.

Related: CapitaLand to Inject Two Shanghai Office Properties to Maiden Real Estate Equity Fund

Share this article
Open WeChat and scan the QR code