Singaporean real estate company CapitaLand has launched a joint venture (JV) to purchase about 70 percent of Pufa Tower in Shanghai for 2.752 billion yuan ($401.8 million) from Chinese lender Pudong Development Bank.

Pufa Tower, which is a 34 storey building with three basement levels, will contribute to CapitaLand’s recurring income and increases its assets to 21 commercial properties in Shanghai.

As part of the deal, CapitaLand and its JV partner will own levels 8 to 19 and levels 21 to 32 with a total gross floor area of 41,773 square meters.

Last year, CapitaLand also sold off assets worth $1.47 billion in China.