$Keppel (BN4.SG)$ . Capland may sell about 70% of the Pudong...

. Capland may sell about 70% of the Pudong Building at a price of 1.8 billion yuan. In terms of total price, the planned selling price of the above assets by Capland is equivalent to a 35% discount on the acquisition price.

Capland has denied the rumors of the transaction today, stating that the relevant information is not true.

Industry insiders believe that regarding the rumors of the transaction, Capland's denial has a large granularity of information, while the media reports on the transaction include various different levels of segmented elements.

"Bulk transactions are quite complex, involving many aspects. In the media reports, they include the planned sale of Lujiazui project's ownership, the preliminary negotiation price of the transaction, or selling at a loss; the denial from the parties is aimed at specific aspects, whether there is no plan to sell the project at all is currently not clear." said an industry professional from a property institution.

In response to the questions raised by industry professionals, journalists contacted Capland today to verify each item.

"We currently do not have more information on the issues you mentioned. What we know is the public response this morning." said a person related to Capland.

The Pufa Building, completed in 2002, is located in the core business district of shanghai lujiazui finance & trade zone development, just a street away from shanghai global financial center and Jin Mao Tower, close to Dongchang Road Station on Metro Line 2, with superior geographic location.

Public information shows that HNA Real Estate acquired part of the office area and underground property parking spaces of the Pufa Building in 2009 at a price of 1.475 billion yuan. In January 2019, Keppel Group established a joint venture with a non-related third-party company in a 50:50 partnership to acquire around 70% of the area of the Pufa Building at a price of 2.752 billion yuan.