CapitaLand, Partners Buy Chongqing Site for 6.5 Billion Yuan
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CapitaLand Ltd., Southeast Asia’s biggest developer, and its partners have agreed to buy a development site in China’s Western Chongqing city for 6.54 billion yuan ($1.02 billion).
The project will include a shopping mall with a gross floor area of 220,000 square meters (2.4 million square feet), 331,000 square meters of residential space and 174,000 square meters of offices, the company said in an e-mailed statement today. CapitaLand and CapitaMalls Asia Ltd., its retail property unit, will each own 25 percent of the project, while Singbridge Holdings Pte and other partners will hold the rest, it said.