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Yanlord Land secures rights to prime site in Shanghai for 10.52b yuan
CHINESE high-end property developer Yanlord Land Group Limited said that it has secured the rights to a prime redevelopment site in Shanghai for about 10.52 billion yuan.
Nestled within Puxi, the historic centre of Shanghai, the site lies four kilometres from Shanghai's financial district Lujiazui and spans 183,187 sq m in gross floor area in Yangpu District.
It is also near the adjacent metro stations of the No 8 and No 12 metro lines and will enjoy enhanced connectivity when the station for metro line No 18, currently under construction, is completed.
The transaction shall be funded through a combination of bank borrowings and internal sources.
Yanlord chairman and CEO Zhong Sheng Jian noted that amid a scarcity of high-quality residential developments within the eastern part of "The Bund" area, this latest acquisition allows Yanlord to capitalise on its track record and further expand its prime development landbank within the core region of Shanghai.
"Looking ahead, we will, in accordance to our financial ability, continue to explore opportunities to extend our footprints within Shanghai as well as the rapidly expanding Yangtze River Delta Region."
Yanlord Land is part of a consortium led by Perennial Real Estate Holdings to acquire a 33.5 per cent stake in United Engineers Limited (UEL) at S$2.60 per share and a 19 per cent stake in WBL Corporation for S$2.07 per share.
Yanlord Land owns a 49 per cent stake of the consortium, Perennial Real Estate and its two sponsors Kuok Khoon Hong and Wilmar International own 45 per cent, while the remaining 6 per cent is held by Heng Yue Holdings, which is solely owned by Chinese investor Kung Chun Lung.