April 17, 2013 / 4:29 AM / 5 years ago

STOCKS NEWS SINGAPORE-Index up, Keppel Land rises on China JV

Singapore shares rebounded, with Keppel Land gaining after it announced its first joint venture plans with a property developer in China.

The Straits Times Index rose 0.2 percent to 3296.23, while the MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent.

Shares of Keppel Land rose 1.5 percent to S$4.03 on Wednesday.

Keppel Land said on Tuesday that it had entered into a strategic partnership with China Vanke Co Ltd to develop properties in Singapore and China.

OCBC Investment Research expects the potential loss of accretion to Keppel Land’s revaluated net assets value from the divestment of a land site to be limited and offset by the benefits of diversification in the domestic market.

The brokerage kept its ‘buy’ rating with a fair value estimate of S$4.53.

Keppel Land is expected to announce its first-quarter results Wednesday.

1204 (0404 GMT)

To read Keppel statement, click

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