CapitaLand

CapitaLand: has paid Rmb 1.95b ($397.5m) for a 70% stake in Shanghai Guang Chuan property Co, which owns a prime site in Hanzhonglu, Zhabei district, Shanghai. The 25.4 sm site has a total gfa of 110k sm, comprising a mix of office, retail and residential space. The site is located within a 15min drive from the Shanghai CBD. The project is expected to begin construction in 2015 and be completed by 2017. The price paid translates to a fairly reasonable acquisition cost of Rmb 25.3k psm. OCBC maintains Buy with TP $4.29.