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Property

Singapore's CapitaLand cashes in China stakes to fund new bets

Ping An agrees to buy shares in Raffles City commercial projects under $7bn deal

A Raffles City development in Shanghai: CapitaLand plans to shift its Chinese portfolio away from commercial sites toward logistics and other growth sectors. (Photo courtesy of CapitaLand)

SINGAPORE -- Top Singaporean real estate group CapitaLand has agreed to sell stakes in six Chinese commercial properties to China's Ping An Life Insurance in a deal valued at 46.7 billion yuan ($7.23 billion).

CapitaLand will unload part of its ownership of two Raffles City projects in Shanghai and one each in Beijing, Ningbo, Chengdu and Hangzhou.

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