CapitaLand

CapitaLand: to sell its 100% stake in Beijing CapitaLand Xin Ming Real Estate Development Co for Rmb 502m (~$97m), which owns a residential site under devt with gfa of 14.4k sm in Beijing’s Dong Cheng District. The sale is made as part of the group’s ongoing strategy of capital productivity. The consideration was arrived at taking into account the agreed value of property at Rmb 770m less settlement of outstanding liabilities of up to Rmb 268m. The carrying value of the stake was Rmb 199m. This will result in CapitaLand recognizing a net gain of ~$46m. CapitaLand continues to march to new 52 wk highs. It trades at 1.07x P/B.