China Knowledge, 24 Nov 2009
Beijing Capital Land Ltd<2868> on Nov. 20 announced that it plans to acquire the remaining 45% stake in a property project in Chaoyang District, Beijing from Singapore-based Reco Ziyang for RMB 369.5 million to become the sole owner of the project, which will complete construction at the end of this year, sources reported.
Reco Ziyang, which is principally engaged in property investment in China, is a subsidiary of GIC Real Estate, a leading property developer in Singapore. As of Nov. 20, Reco Ziyang indirectly held 165.07 million H shares in Beijing Capital Land, or 8.14% of the latter's outstanding shares.
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