CapitaLand China to acquire additional 39.27% stake in LFIE Holding

CapitaLand China has entered into a sale and purchase agreement to acquire an additional 39.27 per cent stake in LFIE Holding from an unrelated party for S$125 million.

Capitaland currently owns a 6.95 per cent stake in LFIE, a holding company for real-estate investments in China.

The acquisition of shares is expected to be completed in the first quarter of this year.

LFIE owns a 575 thousand square metre waterfront site in Panyu District in Guangzhou, China.

Capitaland China together with two Hong Kong-based partners plan to develop the site, which is located along the Pearl River, and enjoys a scenic one-kilometre water frontage and a potential gross floor area of 1.1 million square metres.

CapitaLand China and its partners plan to build a residential estate comprising 7,800 low-density and high-rise homes targeted at the mid- to high-mid segments of the market.

The estate will also have retail, fitness and recreational facilities, as well as three schools.

CapitaLand China will be the lead development manager for the Panyu site.

Source : Channel NewsAsia – 21 Feb 2011

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