Singapore’s CapitaLand divests HK-listed China Real Estate stake

Singapore-listed real estate company CapitaLand Limited is divesting its 24.9% stake in the Hong Kong-listed Central China Real Estate Limited (CCRE) for a total HK$2.83 billion (S$496 million) or HKD 4.3 per share, according to a press statement. The company, which holds the stake through its wholly-owned subsidiary CapitaLand (LF) Cayman Holdings, has sold its ownership to Joy Bright Investments Limited, which is the existing shareholder of CCRE. The divestment process will be completed in the third quarter of 2019.