CapitaLand sells 20 malls for $1.29bn to China Vanke, SCPG and Triwater

Singapore-based real estate company, CapitaLand, has sold 20 of its malls to a Chinese consortium for $1.29bn.

The consortium is made up of residential real estate developer, China Vanke; Chinese mall owner, developer and operator, SCPG Holdings; and diversified water company, Triwater Asset Management Holdings.

The deal is part of a move to change CapitaLand’s portfolio and focus on “top tier” cities, and is the third of its kind since September last year. 14 of the malls it has sold are based in non-core cities in China.

See also:

Alibaba partners with Auchan in new retail venture

China’s 2017 growth higher than predicted

Asia edition of Business Chief – January issue out now!

The 20 malls account for 4% of the company’s global total assets, and 7% of its China shopping mall portfolio according to IPE. Of the 49 remaining malls in CapitaLand’s portfolio, which are located in 22 cities, 45 are now in first or second tier cities.

Lim Ming Yan, president and group CEO of CapitaLand, told IPE: “China is now sitting on the cusp of transformative changes to its retail industry, characterised by a burgeoning middle-class and the rising popularity of omni-channel retailing. CapitaLand is seizing the window of opportunity to reconstitute its mall portfolio with a sharper geographical focus that enhances our capacity to capture growth opportunities in China. We will continue to invest in dominant assets in core Chinese city clusters, where we already enjoy a competitive advantage.”

In December, CapitaLand sold CapitalMall in Kunshan for $30.33mn.


Featured Articles

Welcome to the New Age of the CISO

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Making the UAE the world’s strongest digital fortress

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on visionary plans to build the world’s most secure digital society

World Mental Health Day – 10 apps to improve wellbeing

Employers should recognise the growing use of apps to help support mental health – here are 10 to consider on World Mental Health Day

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy

Best new books that will make you a better leader

Leadership & Strategy

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Leadership & Strategy