SCPG Co., Ltd., HOPU Jinghua (Beijing) Investment Consultancy Co., Ltd. and others entered into definitive agreement to acquire stakes in 20 retail malls in China from CapitaLand Limited (SGX:C31) for SGD 1.5 billion on January 5, 2018. CapitaLand Limited holds different stake in each mall. As per the terms of agreement CapitaLand Limited is divesting stake in 20 companies holding stake in 20 retails malls. Purchasers will also pay a sum of approximately SGD 300 million being the aggregate amount of outstanding shareholder loans owed by the divestment companies to CapitaLand Limited. These shareholder loans will be novated to the purchasers. The mode of payment is cash. The transaction is subject to regulatory approval and other conditions. The transaction is expected to close in second quarter of 2018. As of September 4, 2018, the acquisition of 10 malls has been completed. The acquisition of remaining 10 malls is expected to take place by the end of 2018. As of September 18, 2018, the acquisition of additional 8 malls has been completed. The acquisition of remaining 2 malls is expected to take place by the end of 2018. Deutsche Bank Securities Inc. acted as financial advisor to SCPG Co. Ltd., HOPU and Vanke. SCPG Co., Ltd., HOPU Jinghua (Beijing) Investment Consultancy Co., Ltd. and others completed the acquisition of stakes in 20 retail malls in China from CapitaLand Limited (SGX:C31) on October 9, 2018. the stake in remaining 2 malls has been acquired on October 9, 2018. Paul Guan, Nan Li and Meka Meng of Paul Hastings LLP acted as legal advisors to SCPG Co., Ltd., and HOPU Jinghua (Beijing) Investment Consultancy Co., Ltd.