CapitaMalls Asia says to buy Guangzhou mall for $449.4 million

SINGAPORE (Reuters) - CapitaMalls Asia said it has agreed to buy a shopping mall in Guangzhou for 2.2 billion yuan (S$449.4 million) in the Singapore property developer's first foray into one of the largest and most prosperous cities in China.

CapitaMalls Asia will acquire the mall from Greenland Real Estate, a Chinese developer, and intends to finance the purchase from internal funds and external borrowings, the company said in a filing.

The acquisition is expected to be completed by the fourth quarter of 2014 and is subject to regulatory approvals, the company said.

As of June 30 CapitaMalls Asia had 61 properties in China, where it collected 44 per cent of its total revenue of $91.8 million in the quarter ended Sept 30.