CapitaMalls Asia’s (JS8.SG) acquisition of development project in China from its own real-estate fund is worrying move, says Daiwa.
The shopping mall owner and developer is buying an integrated development project in Chengdu for $114 million from its CapitaRetail China Development Fund II.
“We view this non-standard acquisition as a negative surprise, as we did not expect CMA to acquire additional interests in properties held under its funds,” says Daiwa.
