CapitaLand has entered into conditional agreements to divest partial stakes in a group of companies that own six of its Raffles City developments in China to Ping An Life Insurance Company China at an agreed portfolio value of RMB46.7 billion ($9.6 billion).

 The transaction is expected to generate net proceeds of more than $2 billion for CapitaLand. 

 The deal portfolio comprises Raffles City Shanghai, Raffles City Beijing, Raffles City Ningbo, Raffles City Chengdu, Raffles City Changning (Shanghai) and Raffles City Hangzhou.

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