CapitaLand acquires 32ha mixed use development site in Chongqing for $459 mil

SINGAPORE (June 27): CapitaLand is acquiring a 100% stake in Chongqing Zhonghua Real Estate for RMB2.2 billion ($459 million) via the group’s wholly-owned subsidiary, Chongqing Kai Tai Industry Development.

Chongqing Zhonghua in turn owns a 32-hectare prime mixed use site in Xinpaifang, Chongqing, China, valued at $1.19 billion.

It comprises two greenfield sites for residential and retail development, as well as brownfield sites with an inventory of 223 residential units and 100,000 sq m of office and retail space that are either completed or are soon to be completed.

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