SINGAPORE (EDGEPROP) - Keppel Land China is divesting its entire 40% equity interest in Nanjing Jinsheng Real Estate Development, the company that owns China Chic, an 8.8ha residential project in Jiangbei New Area in Nanjing, China.

Read also: Keppel Land China divests interest in Nantong residential project

Keppel Land China’s stake will be sold to two subsidiaries of Gemdale Corporation — Yangzhou Jinhang Real Estate Development and Shanghai Luxin Real Estate Development — for a total consideration for about RMB1.748 billion ($362 million).

Keppel Land China had partnered Gemdale Corp in 2018 to jointly develop China Chic through acquiring a stake in Nanjing Jinshang Real Estate Development. Keppel Land China is expected to recognise a divestment gain of about RMB 284 million, subject to completion adjustments.

This does not include gains of about RMB44 million from the sale of residential units and street front shops which had already been recognised, says Keppel Land China.

To date, all 1,589 residential units and 27 street front shops at China Chic have been fully sold, and the entire development is scheduled to be completed this month. The remaining inventory consists of carpark lots that will be gradually sold.

“China Chic is Keppel Land China’s first project in Nanjing and it has been a very successful collaboration with Gemdale. Following the completion of the development and sale of all its residential units and street-front shops, the divestment of our stake in Nanjing Jinsheng would allow us to recycle capital more quickly to seize new opportunities,” says Ben Lee, COO of Keppel Land China.