CapitaLand nets S$46 million gain on BCXM stake sale

BCXM no longer a subsidiary.

CapitaLand Limited (CapitaLand) announced that it has completed the sale of its entire 100% stake in Beijing CapitaLand Xin Ming Real Estate Development Co., Ltd. (BCXM) to an unrelated third party. BCXM was incorporated in the People’s Republic of China and owns a residential site under development with a gross floor area of 14,364 square metres in Beijing’s Dong Cheng District, PRC.

Following the completion of the Sale, BCXM has ceased to be a wholly-owned subsidiary of CapitaLand.

CapitaLand said it will recognise a net gain of approximately S$46 million from the sale.

It further noted that based on the audited consolidated financial statements of CapitaLand Group for financial year ended 31 December 2012: (1) assuming that the Sale was effected on 1 January 2012, CapitaLand’s earnings per share would have increased from 21.9 cents to 23.0 cents; and (2) assuming that the Sale was effected on 31 December 2012, the financial impact on CapitaLand’s net tangible asset per share would not be material

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