The China unit of Singaporean property group CapitaLand Development acquired Borui Plaza in downtown Beijing for CNY2 billion (US$283 million or $394.4 million) at a 30% discount.
CapitaLand’s Beijing-based unit won the auction for Borui Plaza on Oct 17, Yicai Global learned from the online judicial sale platform of JD.Com.
Built in 2012, Borui Plaza is located near Tuanjiehu subway station on Beijing’s East Third Ring Road and has an area of about 58,200 square metres. The owner of the property was a real estate developer in Dalian, northeastern China’s Liaoning province, whose assets were seized by a court after defaulting on debts.
CapitaLand will upgrade the property to enhance its asset value once the transaction is completed, a relevant person at the developer’s China unit told Yicai Global.
The company has been optimistic about the Chinese market for a long time and will actively strive to expand investment and seize opportunities in the country, the source added.
In August, CapitaLand Investment (China)'s Chief Executive Officer Puah Tze Shyang said the firm would focus on assets, including commercial properties and industrial parks, in China’s first-tier and emerging first-tier cities.
