CapitaLand China, a wholly-owned subsidiary of Singapore-based real estate developer CapitaLand Ltd, will increase investment in China and its total assets is expected to reach SGD 10 billion in three to five years, according to a statement released by the real estate giant on the15th anniversary celebration of its entry into the Chinese market.
The assets of CapitaLand China will account for 45% of CapitaLand’s total from the current 28%, said Lim Ming Yan, deputy chairman of CapitaLand China Executive Committee.
CapitaLand China, which currently has around 110 property projects in more than 40 Chinese cities, will add 14,000 apartments in the next three to five years, equivalent to about 5,000 units per year, through independent or joint development.
The company also intends to build 11 shopping malls in China, bringing the total amount to 44.
Ascott, a world-leading service apartment developer belonging to CapitaLand, is expected to have six more projects, or 1,500 apartments, completed in China in 2011, sources reported.