CapitaLand Group is in talks to acquire assets worth roughly US$1.5 billion (S$2 billion) from Vietnam’s biggest listed property firm Vinhomes JSC, two sources familiar with the matter told Reuters.
A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years.
The talks come as Vietnam’s property sector is struggling with a cash crunch following an anti-graft campaign launched by the government last year.
Vinhomes, Vietnam’s biggest real estate developer by market capitalization, is part of Vingroup, the country’s largest conglomerate.
CapitaLand Development, part of CapitaLand Group which has a presence in 40 countries develops retail, office, residential, business parks and data centers among other businesses. It already has a portfolio of residential projects, including luxury condominiums, in four cities in Vietnam.
A property crisis that started last year, sparked by problems at one of the country’s largest property groups No Va Land, has battered investor confidence as authorities arrested high-level individuals and overhauled the country’s bond sector.