. CapitaLand will divest partial stakes in a group of companies that own six of its Raffles City developments in China to Ping An Life Insurance for RMB46.7b. The transaction leaves CapitaLand to retain an effective stake of 12.6% to 30%
in each development, which include Raffles City Shang hai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning and Raffles City Hangzhou. It currently holds effective stakes of 30.7% to 55% in the developments. CapitaLand will still provide asset management services for
the se developments and earn fee income. Part of the unlocked capital will be used to support its investment pivot to new economy assets such as business parks, logistics and data centres.