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YANLORD Land Group is acquiring Greens Investments, which owns property development and management entities in Zhuhai, China, for 600 million yuan (S$122.2 million). The acquisition was undertaken through Yanlord's wholly owned subsidiary, Yanlord Land.
Greens Investments owns a 60 per cent interest in Zhuhai International Golf Amusement Co, which in turn owns 90 per cent of Zhuhai International Golf Property Management Co.
The net tangible asset value of the acquisition based on the latest available accounts was about 29 million yuan.
This acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the company for the financial year ending Dec 31, 2017.