Singapore’s Frasers Property has divested its entire interest in a luxurious Beijing hotel apartment property to Tishman Speyer and its Chinese joint venture partner, Shanghai Dowell Trading for CNY1.6bn (€203m).
Frasers Property said its subsidiary was selling its stake in Beijing Fraser Suites Real Estate Management to Shanghai Fu Ting Qi Ye, a venture established by Tishman Speyer RMB funds and Shanghai Dowell.
Beijing Fraser Suites Real Estate Management is a subsidiary of Excellent Esteem and owns an apartment block, Beijing Fraser Suites International Apartment.
The proposed divestment was in line with the company’s plan, Frasers Property said, adding that the purchase price for the sale was arrived at “after arm’s-length negotiations” between the vendor and the purchaser, and on a willing-buyer and willing-seller basis.
Fraser Property has extensive operations in China under Fraser Property China, which develops residential, commercial, logistics and business parks. In addition, its hospitality arm runs Frasers Hospitality, which operates 16 properties with two due for completion this year – in Nanjing and Guangzhou.
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