CapitaLand Takes $315M Ownership Stake In Shanghai Project

Law360, New York (June 18, 2013, 6:29 PM EDT) -- Bolstering its presence in China, Singaporean real estate giant CapitaLand Group has snagged ownership of a massive, transit-oriented development proposed for Shanghai through a 397.5 Singaporean dollar ($315.45 million) stake deal, it announced Tuesday.

Per the cash deal, CapitaLand unit CapitaLand China bagged a 70 percent stake in Shanghai Guang Chuan Property Co. Ltd. — a shell company whose only asset is the land for the proposed project. The remaining stake will continue to be held by Shanghai Shentong Metro Assets Management, a unit of a...
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