SINGAPORE Nov 20 CapitaMalls Asia Ltd said it has agreed to buy a shopping mall in Guangzhou for 2.2 billion yuan ($361 million) in the Singapore property developer's first foray into one of the largest and most prosperous cities in China.
CapitaMalls Asia will acquire the mall from Greenland Real Estate, a Chinese developer, and intends to finance the purchase from internal funds and external borrowings, the company said in a filing.
The acquisition is expected to be completed by the fourth quarter of 2014 and is subject to regulatory approvals, the company said.
As of June 30 CapitaMalls Asia had 61 properties in China, where it collected 44 percent of its total revenue of S$91.8 million ($74 million) in the quarter ended Sept. 30.
($1 = 6.0927 Chinese yuan) ($1 = 1.2439 Singapore dollars) (Reporting by Rujun Shen; Editing by Kenneth Maxwell)