(Yicai Global) Nov. 13-- CapitaLandhas won a bid to buy the tallest twin towers in Shanghai for nearly CNY12.8 billion (USD1.87 billion) from a Chinese state-owned terminal operator.

The Singapore-based real estate company will acquire all of Shanghai Xingwaitan Development and Construction's equityviatheShanghai United Assets and Equity Exchange, the target firm's parent company Shanghai International Port Group said today.

Shanghai Xingwaitan owns the StarHarbor International Centre located in theritzyNorth Bundarea ofHongkou districtalong theHuangpu river. With a gross building area of 420,000 square meters,the center has two 50-floor office blocks and an integrated shopping center.

CapitaLand will have 23 urban complex projects in 12 Chinese cities afteritcompletesthe acquisition,according to its website.

Terminal operator Shanghai International Port Group took a 50 percent stake in Shanghai Xingwaitan foralmost CNY6 billion last December. SIPG has sold it inlessthan 11 months, with the project's totalassets appreciating byless than CNY800 million.

Thesale ensure areturn of funds and lower operational risks and will help promote SIPG's business reforms and optimize its resource allocation,it said.