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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">CapitaLand warns of potential China divestment losses </h1><p class="mb-6 mt-2 font-lucida text-xl tracking-[-0.075rem] text-gray-850 md:px-6 md:text-4xl md:leading-normal">The company seeks to manage S$200 billion in funds by 2028; may incur “potential fair value or divestment losses” that impact near-medium term </p><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published <!-- -->Fri, Nov 22, 2024 · 02:56 PM</span></div></div></div></div><div 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whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] !outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 md:-mr-[2.75rem] min-[1040px]:-right-4 right-0 bg-white aspect-square w-auto" data-size="sm"><div class="flex h-full w-full items-center justify-center"><img src="data:image/svg+xml,%3csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%2016%2016'%20fill='%232b2b2b'%3e%3cpath%20d='M4.646%201.646a.5.5%200%200%201%20.708%200l6%206a.5.5%200%200%201%200%20.708l-6%206a.5.5%200%200%201-.708-.708L10.293%208%204.646%202.354a.5.5%200%200%201%200-.708z'/%3e%3c/svg%3e" width="18" height="18"/></div></button></div><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div class="relative h-full"><div class="mx-auto aspect-3x2 w-full max-w-[1400px] bg-gray-250"></div></div></li></ul></div></div><div class="splide"><div class="splide__track"><ul class="splide__list"><li class="splide__slide"><div><div class="py-2 px-3 font-poppins text-xs text-gray-850 md:px-8">CapitaLand wants to reduce its exposure in the world’s second-largest economy to 10-20 per cent of its expected S$200 billion in funds under management by 2028. PHOTO: SPH MEDIA</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component"><span class="uppercase">CapitaLand</span> Investment, one of Asia’s largest property investment managers, warned of potential losses as it seeks to extricate itself from China’s real estate crisis.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The Singapore-based firm wants to reduce its exposure in the world’s second-largest economy to 10-20 per cent of its expected S$200 billion in funds under management by 2028, it said in an investor day presentation on Friday (Nov 22).</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">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 per cent of its S$113 billion in funds. </p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">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. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The listed investment arm of CapitaLand Group, which is owned by Singapore state investor Temasek Holdings, has long been a major investor in China, but a years-long property downturn there has made these bets, spanning from office space to malls, turn sour.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">These struggles have hit the company’s stock, which is down almost 12 per cent this year compared with a 16 per cent gain in Singapore’s benchmark equity index. Selling its property in China has been difficult, with the bulk of the S$4.6 billion divestments this year up to early November coming from Singapore and other countries like Japan. </p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5384895" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/capitaland-ascott-trust-sells-japan-rental-housing-asset-goldman-sachs-12-7-billion-yen-report" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b2680bb81d06cf70d1594204e376ebed571721c42871291617328fc33bdb3475?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b2680bb81d06cf70d1594204e376ebed571721c42871291617328fc33bdb3475?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/b2680bb81d06cf70d1594204e376ebed571721c42871291617328fc33bdb3475?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/b2680bb81d06cf70d1594204e376ebed571721c42871291617328fc33bdb3475?q=20&w=3&h=2&f=webp" loading="lazy" alt="Infini Garden (above) is located in Fukuoka and has a net lettable area of more than 360 square feet. " class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5384895"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="CapitaLand Ascott Trust sells Japan rental housing asset to Goldman Sachs for 12.7 billion yen: report" href="/companies-markets/capitaland-ascott-trust-sells-japan-rental-housing-asset-goldman-sachs-12-7-billion-yen-report" target="_blank">CapitaLand Ascott Trust sells Japan rental housing asset to Goldman Sachs for 12.7 billion yen: report</a></h3></div></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">The firm is seeking to more than double its operating earnings to over S$1 billion by 2028-2030, and could do new real estate investment trust listings in Australia, China and India, it said in the presentation. So far, it’s sought to increase its exposure elsewhere, including most recently announcing it will buy out SC Capital Partners Group, a Japan-focused property investor.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">CapitaLand Investment’s management said in an analyst call earlier this month that it hopes to divest about S$1 billion in China this year, according to a Citigroup Nov 6 note, which added that it estimates the company has just sold about S$300 million so far. Citigroup also said that the Singapore firm is aiming to divest about S$3.5 billion Chinese assets on its balance sheet over three years, although it will stop giving divestment targets next year. 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