HIGH-end commercial and residential developer Yanlord Land Group has entered into a joint venture with subsidiaries of China Ping An Insurance Group, Tianjin Realty Development (Group) Co and Beijing Capital Land to acquire a land parcel in Tianjin for 2.37 billion yuan (S$497.5 million).
This mixed-use site spanning a gross floor area of 351,338 sq m in the Tianjin Hong Qiao District will comprise high-end residential and commercial units as well as educational facilities.
This latest move marks Yanlord's fifth project in Tianjin.
Through its wholly owned subsidiary Nanjing Renyuan Investment Co Ltd, Yanlord acquired a company in Shenzhen known as Shenzhen Yujia Investment Management Co Ltd, which owns a 25 per cent stake in property development company Tianjin Lianjin Property Development Co Ltd. The latter is a joint venture company between subsidiaries of China Ping An, Tianjin Realty and Beijing Capital Land.
Yanlord chairman and CEO Zhong Sheng Jian noted that this marks a continuation of the group's strategic initiative to further expand its footprint within the Bohai Rim.
"A key economic centre, Tianjin's rapid pace of development presents significant potential for the development of prime international communities that will contribute significantly to our future growth," he said.