In March 2016, CITIC Limited
has repositioned its mainland China real estate business. CITIC Limited
sold 100% equity interest in CITIC Real Estate, as well as the mainland residential property assets of CITIC Pacific
, for a 10% stake in China Overseas Land & Investment Limited
and additional assets with a value estimated to be approximately RMB6 billion.
In the future, CITIC will focus on developing commercial property, particularly large integrated complexes, while continuing to develop projects in Hong Kong
A new company, CITIC City Investment & Development Limited has been set up to manage CITIC’s property business going forward.