The total amount of assets sold by Urban Development in 2024 is about 600 million yuan, slightly lower than the 1 billion yuan target set earlier. The deal is expected to help the company exceed the total assets sold in 2024.

The office building on Fenghua South Bank is partly 34 stories high, and there is also a 45-storey JW Marriott Singapore South Beach.

Bloomberg quoted sources as saying that Urban Development is the major shareholder of the office building, holding 50.1% of the shares; IOI holds the rest. After the transaction is completed, IOI will fully own the office building.

When Bloomberg asked the two companies for confirmation, IOI said it was reluctant to comment, while Urban Development did not respond.

CDL suspended trading in the early trading Wednesday (June 4). It is reported that the company plans to sell all equity in the South Beach office building to IOI Properties Group at a total valuation of RMB 2.75 billion.

Urban Development announced a suspension of transactions at 9:20 am on Wednesday. Before the company's stock was suspended, it rose 1.64% to 4.95 yuan.