CapitaLand said it will raise $1.84 billion via a 1-for-2 rights issue at $1.30 apiece. Its quarterly net profit also fell 88% on slower sales.

CapitaLand, 40%-owned by state investor Temasek Holdings, brought forward its earnings announcement by one day and suspended trading in its shares today. CapitaLand says Temasek will buy 40% of the rights issue.

Southeast Asia’s biggest developer, whose main operations are in Singapore, China and Australia, posted October-December net profit of $78 million, down from $675 million a year ago.

Fourth-quarter revenue declined 47% to $703.7 million, according to the statement. Earnings this quarter included a one-time revaluation loss of $103.9 million, compared with a one-time gain of $470.1 million a year earlier as property prices fell, the developer said.

Full-year profit slid 54% to $1.26 billion. That compares with the median forecast of $1.31 billion that Bloomberg compiled from 14 analysts.

CapitaLand shares, which were suspended pending the announcement, fell 0.8% to $2.36 last Friday in trading. The shares have dropped 24% this year, the worst performer among the benchmark Straits Times Index’s 30 members.

Separately, CapitaMall Trust, a shopping mall Reit managed by CapitaLand, said it would raise $1.23 billion via a nine-for-10 rights issue at 82 cents a unit.

CapitaLand will buy as much as 60% of CapitaMall Trust’s rights shares, the developer said.

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