Yanlord unit buys two Suzhou sites for 3.69b yuan

PROPERTY developer Yanlord Land Group said on Monday that it has bought two separate prime development sites in Suzhou city for 3.69 billion yuan (S$753 million) in two public land auctions.

The sites, bought through a unit, have a total gross floor area of 106,232 sq m. Both sites are near plots of land on which property projects are to be built by Yanlord.

The latest acquisition will allow Yanlord to "augment our existing initiatives within the Suzhou real estate market, and further expand our prime development land bank within the core region of Suzhou city", said its chief executive officer and chairman Zhong Sheng Jian in a statement.