CapitaLand Warns of China Losses as Singapore Property Investor Cuts Exposure [Yahoo! Finance Canada]
Citigroup, Inc. (C)
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Source: Yahoo! Finance Canada
(Bloomberg) -- CapitaLand Investment Ltd., one of Asia's largest property investment managers, warned of potential losses as it seeks to extricate itself from China's real estate crisis. Most Read from Bloomberg The Singapore-based firm wants to reduce its exposure in the world's second-largest economy to 10-20% of its expected S$200 billion ($149 billion) in funds under management by 2028, it said in an investor day presentation Friday. In doing so, the company may incur “potential fair value or divestment losses” that impact near-medium term non-operating earnings, it said. Its current exposure to China is 27% of its S$113 billion in funds. The company said in an emailed statement that it was “fully committed” to its China business and intends to grow its funds there with local capital. Diversification is part of its plans to grow as an asset-light real estate manager, it said. The listed investment arm of CapitaLand Group, which is owned by Singapore state investor Temas
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