Singapore: The Ascott Holdings, part of CapitaLand, is selling its wholly-owned unit Somerset Zhongguancun for S$125 million in cash to Hong Kong Qianhai Zhongjin Group.
Somerset Zhongguancun owns a serviced apartment building in Beijing. Somerset Zhongguancun Ascott Property Management (Beijing) has also agreed to sell another unit, Beijing Yuanyue Property Management, at an adjusted net asset value of 1.2 million yuan (S$255,000), to Qianhai Zhongjin Assets Management, an associate company of Hong Kong Qianhai Zhongjin Group.
In a statutory filing with Singapore Exchange, CapitaLand said the sale is part of its ongoing strategy to enhance capital productivity and strengthen its capability to pursue other projects and enhance returns for its shareholders.
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