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Yanlord acquires majority stake in Chengdu site
REAL estate developer Yanlord Land Group has, via its wholly owned subsidiary Yanlord Land (Chengdu), acquired an 80 per cent stake in Chongzhou Yanlord Land Co for 321 million yuan (S$65.93 million).
Chongzhou Yanlord Land Co, formerly Chongzhou Xinlei Property Development Co, holds the development rights to a 106,044 sq m integrated development site in Chongzhou city, Chengdu.
Surrounded by natural surroundings and historical sites, the site is ideally situated for a prime low density integrated development, the company highlighted.
Zhong Sheng Jian, Yanlord's chairman and CEO, said: "With China's growing affluence, there has been an increasing trend of Chinese consumers gravitating towards spending in sectors like high-quality health care and in seeking lifestyles away from the hustle of city living. This latest acquisition ideally positions Yanlord to capitalise on this trend."