Singapore's CapitaLand to divest interest in three China malls for $427m

People pass a Capitaland logo outside an office building in the central business district in Singapore. Photo: Reuters

Singapore’s largest real estate developer CapitaLand announced that it will be divesting its interests in three Chinese malls to CapitaLand Retail China Trust (CRCT) for Rmb2.96 billion ($427 million) as part of the firm’s asset recycling strategy.

CapitaLand said its subsidiary and associated companies have entered into an agreement with CRCT to divest their interest in three companies that own CapitaMall Xuefu, CapitaMall Aidemengdun in Harbin, and CapitaMall Yuhuating in Changsha.

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