China Vanke Co’s commercial unit SCP Group said on Friday it would purchase 20 shopping malls in the country owned by Singapore’s CapitaLand for 8.4 billion yuan ($1.30 billion).
China Vanke and Triwater Asset Management Holdings will also jointly invest for an undisclosed stake.
The shopping malls, totaling gross floor area of 950,000 square meters, are spread across 19 cities in China, according to the statement. After the purchase, SCP Group’s total shopping mall number will increase to 120.
“As China’s urbanization accelerates and demand for good living standards increase, we are very positive about the upside value of the commercial property market,” said Leo Ding, chairman and CEO of SCP and senior vice president of Vanke.