CapitaLand unit trims stake in GKK for $78.6m

The group’s interest in the Chinese real estate developer fell to 45%.

CapitaLand’s wholly-owned subsidiary CLC Investment Seven (CIS) has divested an aggregate 40% equity interest in Guangzhou Kai Ke Xing Mao Real Estate Development (GKK) to an unrelated purchaser for $78.6m (RMB395.7m) through a series of transactions, a press release revealed.

GKK owns a mixed-use site located in Huangpu District, Guangzhou, China which is to be developed into an integrated development comprising office, retail, apartments, serviced residence and low-density strata office components. Through the transaction, CapitaLand stated that they unlocked capital for reinvestment and GKK has secured an additional capital partner for its project.

The adjusted net asset value (adjusted NAV) of GKK is $196.6m (RMB989.1m). The consideration was arrived at on a willing-buyer and willing-seller basis taking into account 40% of the adjusted NAV.

Following the completion of the transaction, CapitaLand’s interest in GKK fell to 45% and also ceased to be a subsidiary of CapitaLand, becoming an associated company of the firm.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia