21 Feb '11, 4am

CapitaLand China to acquire additional 39.27% stake in LFIE Holding

SINGAPORE: CapitaLand China has entered into a sale and purchase agreement to acquire an additional 39.27 per cent stake in LFIE Holding from an unrelated party for S$125 million. Capitaland currently owns a 6.95 per cent stake in LFIE, a holding company for real-estate investments in China. The acquisition of shares is expected to be completed in the first quarter of this year. LFIE owns a 575 thousand square metre waterfront site in Panyu District in Guangzhou, China. Capitaland China together with two Hong Kong-based partners plan to develop the site, which is located along the Pearl River, and enjoys a scenic one-kilometre water frontage and a potential gross floor area of 1.1 million square metres. CapitaLand China and its partners plan to build a residential estate comprising 7,800 low-density and high-rise homes targeted at the mid- to high-mid segments of the marke...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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