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Wednesday, August 19, 2009

CapitaLand to invest in China and Vietnam

SINGAPORE: Southeast Asia's largest property developer CapitaLand said yesterday it was deploying S$1 billion of S$1.8 billion (S$1 = RM2.44) in capital raised from a recent rights issue to its businesses in China, Vietnam and the Ascott Group.

It said S$500 million of the S$1 billion will go to its China arm, S$299 million to Vietnam and the remainder to Ascott, a wholly-owned unit that operates serviced apartments. The rest of the S$1.8 billion will be kept for further investment opportunities.

"With the worst of the crisis behind us, and with a solid balance sheet, we are ... ready to embark on the next phase of our growth," CEO Liew Mun Leong said.

By Reuters

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