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CapitaLand buys 60% stake in Chengdu residential land sites

Published on Mar 28, 2014 9:10 AM

Property developer CapitaLand said on Friday it has acquired a 60 per cent interest in two adjacent residential land plots in the New Southern Area of Chengdu, Sichuan in China.

It is buying the stake by subscribing to $155 million of shares in two Chinese companies, the Singapore-listed group said.

It added that the acquisition is in line with CapitaLand's strategy to increase its footprint in China.

The group plans to build some 4,600 apartment units catering to first-time homebuyers and upgraders on the sites, which have a total floor area of about 5.17 million sq ft. It expects to begin construction in the second quarter of this year and launch the first phase of homes for sale by the end of the year.

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