A unit of Keppel Land China Ltd. has agreed to sell a China-based residential project to a subsidiary of property developer China Vanke Co.(000002.SZ) for 1.43 billion yuan ($214.2 million).
Merryfield Investment Pte. Ltd. will sell its 100% interest in Keppel Lakefront (Nantong) Property Development Co., which owns Waterfront Residences, a residential project in Nantong, China, parent company Keppel Corp. (BN4.SG) said in an emailed statement.
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Keppel Land China President Ben Lee said the divestment was in line with its strategy to continually recycle assets to seek higher returns and rebalance its portfolio to focus on selected high-growth cities.
Keppel Land China said it will realize a net divestment gain of about CNY368.5 million ($55.2 million) upon the completion of the deal, which is expected by the end of September.
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(END) Dow Jones Newswires
August 16, 2017 07:32 ET (11:32 GMT)