CapitaLand Raises $135M With Shanghai Land Sale

Law360, New York (December 6, 2011, 2:53 PM EST) -- CapitaLand Ltd., a Singapore-based property developer with numerous Chinese assets, sold off a subsidiary that owns land in Shanghai for about S$173 million (US$134.8 million) as it seeks to raise cash, the company said Tuesday.

CapitaLand is selling its Shanghai CapitaLand Xin Chuang Real Estate Development Co. to an unnamed party as part of a capital raising effort, the company said in a statement. Shanghai CapitaLand's sole asset is a 71,613-square-meter parcel of land in Shanghai.

CapitaLand is making the move as it seeks to increase funds after reporting a...
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