CapitaLand sells property in China for S$205.8m

Developer CapitaLand has announced that its wholly owned subsidiary, Ascott Investment Ltd, has sold Ascott Beijing to Splendid Wealth Group, a wholly-owned subsidiary of the Ascott Serviced Residence (China) Fund, for S$205.8 million.

The property comprises 310 apartment units and is located within Beijing’s prime district.

CapitaLand has a 36.1 percent stake in the fund, which is a private equity real estate fund invested primarily in China.

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