CapitaMalls - S$1.28 billion Joint Venture in Suzhou

It has been reported that CapitaMalls Asia will sign a conditional agreement to form a joint venture (JV) to develop a shopping mall and office tower project at an estimate project worth of S$1.28 billion. This will take place in Suzhou in Jiangsu province, China.

According to reports, CapitaMalls Asia will take a 50% stake in the JV and contribute about S$637 million. It will fund this through a combination of debt and equity.

The 310,000 sqm project includes a 250,000 sqm seven-storey shopping mall and two 20 toery office buildings covering 60,000sqm. WIth this development, CapitaMalls Asia will now have 55 shopping malls in 35 cities across China.