CMA

CMA: Entered into conditional agreements to acquire 50.0% stakes each in Minhang Plaza and Hongkou Plaza in Shanghai for about US$789.0m (S$949.7m).

The stake in Minhang will be acq for US$262.6m ($316.0m) based on independent valuation of $632.5m and following the acq, CMA will own 65.0% of Minhang with expected yield of 5%.

Stake in Hongkou was acq for US$526.4m ($633.7m) based on price of $1267.3m though independently valued at $1278.1m. Following acq, CMA will own 72.5% of Hongkou and expects a yield of 4%.

The remaining stakes in both malls are held by CMA's associates as well. Co now has 42% of property portfolio value in China. CMA now trades below book at P/B of 0.8x.