CapitaLand plans to buy container shipper Orient Overseas International Ltd.’s China property business for $2.2 billion.
Through the deal, Singapore’s largest property company by market capitalization will acquire seven sites in the greater Shanghai area and Tianjin.
These are mixed-use projects under development with total gross floor area of 1.48 million square meters.
Wall Street Journal Online reports the company sees China as one of its core markets and aims to eventually have China account for 35% to 45% of its total assets, up from about the current 28%.