The deal portfolio comprises Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning (Shanghai) and Raffles City Hangzhou.
CapitaLand has entered into conditional agreements to divest partial stakes in a group of companies that own six of its Raffles City developments in China to Ping An Life Insurance Company China at an agreed portfolio value of RMB46.7 billion ($9.6 billion).
The transaction is expected to generate net proceeds of more than $2 billion for CapitaLand.
