Second Raffles City in Shanghai. CapitaLand (CAPL) announced last Friday that it would develop a second Raffles City in the Changning district of Shanghai. By divesting its effective stake from 95% to 36.85%, CAPL would realize a gain of S$132m. This would be CAPL's seventh Raffles City development in China. The project's GFA is an estimated 237,327 sqm with a tenure of 50 years and with a project development estimate (PDE) of S$1.6bn. Given lingering uncertainty in the Chinese property space, we feel CAPL has executed well on this project by turning it over to market expediently to push the upside, and trimming the downside by recycling capital, reducing exposure and realizing hard cash gains.
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