By P.R. Venkat

SINGAPORE--Keppel Corp. (BN4.SG) said Wednesday that its unit in China had agreed to sell its stake in a township project there for 127 million Singapore dollars (US$87.5 million).

Keppel Land China has agreed to sell its 49.7% stake in Cityone Development (Wuxi) Co. to Tianhonglixin Real Estate Co., Keppel Corp. said in a statement.

For Keppel Land China, the deal upon completion will yield a net divestment gain of about S$39 million, according to the statement.

Write to P.R. Venkat at venkat.pr@dowjones.com

(END) Dow Jones Newswires

December 28, 2016 05:32 ET (10:32 GMT)

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