GuocoLand sells Beijing development project to China Cinda Asset Management

Singapore-listed developer GuocoLand is selling a large development project in Beijing for RMB10.5 billion (S$2.3 billion), in a deal that is expected to generate a net gain of RMB1.58 billion.

The sale of the Dongzhimen (DZM) mixed-use development to China Cinda Asset Management provides an opportunity for GuocoLand to realise the development’s capital value, the developer said in a stock marketing filing on Thursday (Aug 20).

The net proceeds from the transaction will be used for general working capital including repayment of debts, GuocoLand said.

GuocoLand’s DZM project in Beijing’s Dong Cheng District has 91,287.7 square metres of usable space that can be used for offices, commercial space, apartments and underground parking lots.

GuocoLand, which is part of the Malaysian Hong Leong Group, is active in Singapore, Malaysia and China. Its Singapore projects include Tanjong Pagar Centre, which will have Singapore’s tallest building when completed.

Source : Channel NewsAsia – 20 Aug 2015

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