CapitaLand Retail said China land remains too expensive for it to make acquisitions and the unit of Southeast Asia’s biggest developer will instead focus on completing its shopping mall projects in the country.

'I don’t think it’s the right time' to buy more land for retail projects in China, Lim Beng Chee, chief executive officer of CapitaLand Ltd.’s retail unit, said in an interview.

Hong Kong’s Hang Lung Properties Ltd. and Shimao Property Holdings Ltd. resumed land purchases in China this year as home prices rise in the world’s third-biggest economy. CapitaLand Retail operates 29 malls in China, and plans to open 29 more in the next three years, Lim said yesterday in Singapore.