Singapore's CapitaMalls Asia Ltd. announced that it would acquire a Guangzhou shopping mall for USD361 million (CNY 2.2 billion). 

Reuters in a report said that the buyout would be CapitaMalls Asia's first thrust into one of the largest and most prosperous cities in China. 

The Singaporean property developer would buy the mall from Shanghai's Greenland Real Estate. Based on its latest filing, CapitaMalls Asia would finance the acquisition using internal funds and external debt.

The takeover deal is expected to close by the fourth quarter of next year, Reuters said. 

According to the report, CapitaMalls Asia had 61 properties in China as of June this year. The said properties yielded 44% of its total revenue of SGD91.8 million (USD74 million) in the quarter ended September 30. 

CapitaMalls Asia's third quarter net profit stood at SGD64.8 million. It rose by 4% from the previous quarter's SGD62.4 million, the Wall Street Journal said.