Keppel Land acquires 49% stake in Taicang residential site for $97m

Taicang Xuchang Property will become an associated company of Keppel Corporation.

Keppel Land, through its indirect wholly-owned subsidiary, Romeo, has acquired 49% of the equity interest in Taicang Xuchang Property (TXPC) from Shanghai Shengji Industrial for $97m, said in its bourse filing.

The remaining 51% stake will be held by Shanghai Shengji Industrial, a subsidiary of CIFI

TXPC owns a 58,526 sqm residential site in New District, Taicang city, in the Jiangsu province of China

Upon the acquisition, TXPC will become an associated company of Keppel Corporation.

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