Cheung Kong trims One Raffles Quay stake

Cheung Kong (Holdings) has agreed to sell one-third of a commercial property in Singapore to its Suntec Reit for S$941.5 million (HK$4.86 billion). The property, One Raffles Quay, is in Singapore's central business district and comprises two office towers, an underground link to the Raffles Place mass rapid transit station and a car park. Cheung Kong says the sale will help free up capital for its operations and new investments. The market value of Cheung Kong's stake in the property is the same as the selling price, the firm says. The remaining interests are held by Hongkong Land and Keppel Land.