The property giant's stock plunged 5.3 per cent to $5.92 while Ascott shares rocketed 41.3 per cent, or 50 cents, to $1.71.

That price almost matched Capitaland's offer price of $1.73 a share for the 33.5 per cent of Ascott it does not already own.

When the offer was announced on Monday evening the offer price was 43 per cent ahead of Ascott's closing level on Monday of $1.21.

It comes as property stocks here are being hit by fears of a possible United States recession.

Read the full story in Wednesday's edition of The Straits Times.