CapitaLand: 80 percent-owned GZNB to see capital increase

Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.Top of the CapitaLand building in Singapore’s central business district (CBD); taken September 2018.

CapitaLand said on Thursday that its 80 percent owned Guangzhou New Boundary Real Estate, or GZNB, has increased its registered capital to 860 million yuan, or around S$170 million from 610 million yuan, or around S$120 million.

The capital increase will be through one or more cash injections of around 250 million yuan, or around S$50 million, by GZNB’s existing shareholders, which are a wholly owned subsidiary of CapitaLand, Shanghai Zhong Da Industry Development, and its other shareholder, which holds 20 percent of GZNB, the filing said.

The cash injections will be proportional to their stakes in GZNB, it said.

The capital increase will be used to fund working capital, the filing said.

GZNB is a China-based real-estate development and management services player, the filing said.

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