SINGAPORE (Reuters) – Singapore-listed real estate firm City Developments (CDL) said on Wednesday it intended to invest nearly $1 billion in China including the purchase of an indirect stake in Sincere Property Group.

The main deal, comprising equity and debt worth up to 5.5 billion yuan ($800 million), will see CDL acquire a 24% indirect stake in Sincere Property Group via its offshore investment vehicle, CDL said in statement.

It added it had also entered a deal with Sincere to acquire a 70% stake in a property in Shanghai’s business district for 1.2 billion yuan.

The investments would be funded through internal cash and credit facilities.

“This transformational deal is CDL’s single largest investment in China to date,” CDL Group CEO Sherman Kwek said.

CDL reported profit of S$199.6 million ($145.7 million) in the first quarter of 2019 on Wednesday, versus S$85.3 million in Q1 2018.

($1 = 6.8737 Chinese yuan renminbi)

($1 = 1.3696 Singapore dollars)