CapitaLand sells 100% stake in SCXC subsidiary

It will net the company S$40 million, from a cash consideration of S$173 million.

CapitaLand is selling off its property stake at the Shanghai CapitaLand Xin located in Shanghai, China as part of "an ongoing strategy of capital productivity."

The sale is expected to be completed in Q1 2012. It is still subject to approval from Chinese government authorities.

Should the sale be effected January 1, 2011, CapitaLand expects its earning per share to increase to 14.5 cents from 13.6 cents. But if it is effected September 30, 2011, the effect will "not be material."

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