Keppel Land acquires 49% stake in Taicang residential site for $97m
Taicang Xuchang Property will become an associated company of Keppel Corporation.
Keppel Land, through its indirect wholly-owned subsidiary, Romeo, has acquired 49% of the equity interest in Taicang Xuchang Property (TXPC) from Shanghai Shengji Industrial for $97m, said in its bourse filing.
The remaining 51% stake will be held by Shanghai Shengji Industrial, a subsidiary of CIFI
TXPC owns a 58,526 sqm residential site in New District, Taicang city, in the Jiangsu province of China
Upon the acquisition, TXPC will become an associated company of Keppel Corporation.