Singapore’s CDL buys US$1.3 billion Shanghai site as confidence rises in China property

Quick Summary:

Builder controlled by family of billionaire Kwek Leng Beng says move represents its confidence in China’s long-term growth prospects’.

The mixed-use development site in Shanghai’s Xintiandi area covers 27,994 square metres.

CDL holds a 51 per cent stake in the joint venture via its wholly owned unit Chenghong Shanghai, while the remaining 49 per cent is held by Lianfa Group, whose ultimate controller is state-owned developer Xiamen C&D Group.

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Article Details

Author / Journalist: Yulu Ao

Category: Business

Markets: Hong KongChinaSingapore

Topics: Site Singapore’s Buys Developer Confidence Shanghai China’s Group Xintiandi Kwek Us$1

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-04 @ 18:30:08 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 252 words

Reading Time: 2 minutes read

Sentences: 7 lines

Sentence Length: 36 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23393910

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