CapitaLand to operate serviced residences in India

Its new subsidiary Citadines Richmond Hospitality has approximately S$2,700 worth of share capital.

Principal activity of the wholly-owned subsidiary incorporated in India is to operate serviced residences.

The establishment of the subsidiary is not expected to have any material impact on the net tangible assets or earnings per share of the CapitaLand Group for the financial year ending 31 December 2011.

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