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Beijing Capital Land Ltd on Nov. 20 announced that it plans to acquire the remaining 45% stake in a property project in Chaoyang District, Beijing from Singapore-based Reco Ziyang for RMB 369.5 million to become the sole owner of the project, which will complete construction at the end of this year, sources reported.
Reco Ziyang, which is principally engaged in property investment in China, is a subsidiary of GIC Real Estate, a leading property developer in Singapore. As of Nov. 20, Reco Ziyang indirectly held 165.07 million H shares in Beijing Capital Land, or 8.14% of the latter’s outstanding shares.
In August 2008, the Beijing real estate enterprise announced plans to set up a joint venture with Reco Ziyang to develop a property project in Chongqing with a gross floor area of 980,000 square meters.
Beijing Capital Land has sold stakes in several property projects in Tianjin to Reco Ziyang, including a 45% stake in a project in Tanggu District for RMB 92.4 million and a 60% stake in each of two projects, one in Dongli District and one in Xinqing District, for RMB 6 million.