CapitaLand to divest partial stakes in six Raffles City properties

SINGAPORE: CapitaLand shares jumped when the market opened on Monday after the property giant said it will divest partial stakes in six of its Raffles City developments in China for 46.7 billion yuan (RM30bil) to Ping An Life Insurance Company of China.

The group is divesting partial stakes in Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning (Shanghai) and Raffles City Hangzhou.