(Yicai Global) Oct. 19 -- The China unit of Singaporean real estate group CapitaLand acquired Borui Plaza in downtown Beijing for CNY2 billion (USD283 million) at a 30 percent discount.

CapitaLand’s Beijing-based unit bought Borui Plaza on Oct. 17 with the starting bid, according JD.Com’s online judicial auction platform. The property had an appraised value of CNY2.91 billion.

Built in 2012, Borui Plaza is located near Tuanjiehu subway station on Beijing’s East Third Ring Road and has an area of about 58,200 square meters. The property’s owner was a real estate developer in Dalian whose assets were seized by a court following the firm’s debt default.

CapitaLand will upgrade the property to enhance its asset value once the transaction is completed, a manager at its China unit told Yicai Global. The developer has been optimistic about the Chinese market for a long time and will actively strive to step up investment and seize opportunities in the country, the source added.

The company has been optimistic about the Chinese market for a long time and will actively strive to expand investment and seize opportunities in the country, the source added.

CapitaLand is a leading diversified real estate group in Asia. After completing its restructuring in 2021, its real estate investment management business CapitaLand Investment went public in Singapore in September last year with one of its main business objectives at the time to double its assets under management in China within three years.

In August, CapitaLand Investment China's Chief Executive Officer, Puah Tze Shyang, said the firm would focus on assets, including commercial properties and industrial parks, in China’s first-tier and emerging first-tier cities.

Editors: Tang Shihua, Futura Costaglione