CapitaLand has acquired the Shanghai Aoshun Property Co., Ltd, a China-incorporated company that owns a 153,140 square metre residential site in Huacao Town, Minhang District, Shanghai, for RMB 40 million (S$ 8.14 million). With a potential gross floor area of 109,100 square metres, CapitaLand plans to build approximately 500 townhouses on the site.The acquisition was made through CapitaLand (China) Investment Co., Ltd (CCIC, an indirect wholly owned subsidiary of CapitaLand), and CapitaLand China Residential Fund (a private fund in which CapitaLand has a 42.7% indirect interest). CCIC and the Fund will hold interests of 80% and 20% respectively. With the acquisition, Shanghai Aoshun Property becomes an 88.54% owned indirect subsidiary of CapitaLand.Located in Huacao Town in Shanghai's Minhang District, the site is in an established high-end, residential neighbourhood that has well-known international schools in the vicinity. It is bounded by Bei Qing Gong Road to the north and Xin Le Road to the south. The site is adjacent to the Shanghai American School, while the Singapore International School and Shanghai Racquet Club are minutes away. The site has the standard land tenure of 70 years.Mr Lim Ming Yan, CEO of CapitaLand China Holdings, said, "China plays a key role in CapitaLand's overall overseas strategy. With the acquisition of this new site, we continue to have a significant presence in Shanghai, even as we expand into Beijing and other cities like Guangzhou. Given the excellent location of the site, we are confident the development would be popular with professionals and businessmen who want to stay in a quiet and serene environment, and yet be close to the city centre. The demand for Shanghai residential properties has continued to be firm as it is underpinned by the strong economic growth, growing urbanisation and increasing personal income. We intend to launch the project by the first half of 2005."About CapitaLand Group

CapitaLand is one of the largest listed property companies in Asia. Headquartered in Singapore, the multinational company's core businesses in property, hospitality, property services and real estate financial services are focused in gateway cities in Asia, Australia and Europe. In these countries, CapitaLand is in partnership with reputable local players and has established a management team that understands the market, business practices and socio-economic factors.The company's hospitality businesses, in hotels and serviced residences, span more than 60 cities around the world. CapitaLand also leverages on its significant real estate asset base and market knowledge to develop fee-based products and services in Singapore and the region.About CapitaLand China

CapitaLand (China) Investment Co., Ltd is a wholly owned subsidiary of CapitaLand China, which is in turn an indirect wholly owned subsidiary of CapitaLand. Since 1994, CapitaLand China has been a developer of premier homes and quality commercial properties in China, with a total project value of over RMB 12 billion. CapitaLand China's premier homes include Chrysanthemum Park, Manhattan Heights, Summit Panorama, Summit Residences, La Cit and Oasis Riviera. Its commercial properties are strategically located within Shanghai's respective business districts: Pidemco Tower, Raffles City Shanghai and a commercial complex at Luwan District's Huai Hai Road. Currently, more than 70% of CapitaLand China Holdings' developments in China are in Shanghai. The other developments are in Xiamen and Beijing. About CapitaLand China Residential Fund

The CapitaLand China Residential Fund is a private fund sponsored by CapitaLand with support from corporate investors. The Fund will invest in the mid to high-mid residential market in Shanghai and Beijing. It will leverage on CapitaLand's core residential development delivery capability in China, and skill sets in real estate capital management. The current investments are a 14.55% stake in the 2,000-unit Oasis Riviera residential project in Changning District, Shanghai, and a 20% interest in a 2,000-unit residential development in Chaoyang District, Beijing.