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Yanlord acquires stake in a prime redevelopment site in Shenzhen Luohu district
REAL estate developer Yanlord Land Group's wholly owned subsidiary, Yanlord (Shenzhen) Investment Management Co, has acquired a 65 per cent stake in Shenzhen Dongguan Shengtai Investment Co for about RMB563 million (S$115 million).
The Shenzhen Dongguan Shengtai Investment Co holds the development rights to a prime 55,000 square metre gross floor area redevelopment site, Gongfang Dasha.
Located in the LuoHu district - which is the key shopping and commercial district of the Shenzhen Special Economic Zone - the site is connected to key thoroughfares through the city and is also close to two metro stations.
Business and lifestyle amenities will include hospitals, proximity to key government offices and natural parks as well as schools.
Zhong Sheng Jian, Yanlord's chief executive officer, said: "This latest acquisition provides us with a unique opportunity to expand our prime development landbank within LuoHu district, the traditional heart of Shenzhen's commercial and business developments, and reflects our commitment to the Shenzhen real estate market as well as the group's confidence in the continued development of the Pearl River Delta Region."