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CapitaLand buys China property business for USD2.2b

Singapore-based real estate developer CapitaLand has acquired 100 percent of Orient Overseas Developments Ltd for USD2.2 billion from a company controlled by the family of former Hong Kong Chief Executive Tung Chee-hwa.

The acquisition will double CapitaLand’s China property portfolio to 2.8 million square metres and will also increase the China weighting in its portfolio to 36 percent, in line with the Singaporean firm’s stated strategy.