GIC completed the acquisition of an additional 48% stake in Shanghai Xingxinman Enterprise Management from China Vanke for $316m.

GIC, a sovereign wealth fund established by the Government of Singapore, completed the acquisition of an additional 48% stake in Shanghai Xingxinman Enterprise Management, a holding company that owns Shanghai Nanxiang Incity MEGA shopping mall, from China Vanke, a company that operates real estate development businesses, for $316m. The mall will likely still be operated by Vanke after the share sale, as GIC lacks property management capacity. GIC, whose partnerships with Vanke go back to 2004, has in recent years acquired shares in several joint projects from Vanke, with the Chinese developer retaining minor stakes for operational control. Stakes in Nanxiang Incity MEGA and Qibao Vanke Plaza are among the assets that Vanke has sold this year in order to raise money to repay debts.