CapitaLand Sees $163m Gain After Capital Tower Beijing Sale

Source : The Business Times, September 3, 2008

CapitaLand on Wednesday said it has entered into a share purchase deed for the sale of its indirect wholly-owned subsidiary Hua Lei Holdings Pte Ltd which indirectly owns all of the office property Capital Tower Beijing for US$352 million.

Capital Tower Beijing, located in the central business district of Beijing, comprises two 35-storey office towers. The building is currently home to several multinational companies

The sale purchase comprises the consolidated net asset value of CapitaLand's indirect wholly-owned subsidiaries which own the property, taking into account the assignment of shareholder's loan of about US$166 million and valuing Capital Tower Beijing at US$488 million.

CapitaLand will obtain a net cash flow of about $498 million (US$348 million) and is expected to recognise a gain of $163 million.