Yanlord's units acquire Shenzen property development firm for 300 million yuan

YANLORD Land Group Limited on Friday said that its wholly owned subsidiaries, Nanjing Renyuan Investment Co Ltd and Yanlord Land (Shenzhen) Co Ltd, have acquired a new subsidiary in Shenzhen, China, for 300 million yuan (S$64.7 million).

The new subsidiary is Shenzhen Huarong Innovation Investment Co Ltd, in which Nanjing Renyuan holds a 99 per cent stake, with Yanlord Land (Shenzhen) holding the remaining one per cent stake.

Shenzhen Huarong Innovation Investment, a property development company, has a registered capital of 45 million yuan. Its net tangible asset (NTA) value was about 42 million yuan, as at Jan 28.

The group said that the transaction is not expected to have any material impact on the NTA or earnings per share of the company for the financial year ending Dec 31, 2016.

Zhong Siliang is a director of the group, Yanlord (Shenzhen) and Shenzhen Huarong. He is also the chairman and legal representative of Yanlord (Shenzhen) and Shenzhen Huarong, while Chan Yiu Ling is a director of the group, Yanlord (Shenzhen) and Shenzhen Huarong.