CapitaLand sells Capital Tower Beijing for US$352m

Property developer CapitaLand is selling its Capital Tower Beijing office tower for US$352 million.

It declined to name the buyer, except to say it is a Fortune 500 company, which is looking to set up a corporate headquarters in Beijing.

CapitaLand intends to use the funds to reinvest in other opportunities in China.

It will also recognise a gain of about US$115 million.

The developer said it received unsolicited offers for the building from several prospective investors.

CapitaLand acquired Capital Tower Beijing while it was still under construction in 2005.

The property has become a well-known landmark in the Chinese capital and has attracted major international companies as tenants.

Source : Channel NewsAsia – 3 Sep 2008

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