CapitaLand, Southeast Asia’s largest property developer, plans to spin off its developed Chinese projects into two mainland-listed real estate investment trusts (REITs) when China approves listing of REITs, reported Reuters.
“Within the next three to five years, for sure,” Liew Mun Leong, CapitaLand president and CEO told Reuters in an interview. “It’s part of the process of the real estate industry maturing,” he added.
Last month, CapitaLand chief operating officer Lim Ming Yan was quoted as saying the firm is considering spinning off US$5.3 billion ($6.8 billion) of its projects in China into a real estate investment trust (REIT).
Liew clarified that the divestment plan would involve the China assets held both by CapitaMalls Asia and by CapitaLand. It would see those companies create two real estate investment trusts listed on the mainland, one focused purely on shopping centers in China and one on mixed-use projects such as its Raffles City developments in Chengdu and Shenzhen.
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