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Yanlord buys stakes in two property development firms in Tianjin
PROPERTY firm Yanlord Land Group on Monday said it has bought stakes in two property development firms that have secured development rights to two separate land parcels in Tianjin, China.
Yanlord said it has acquired, through its wholly owned subsidiary, Nanjing Renyuan Investment Co Ltd (Nanjing Renyuan), a 19.8 per cent stake in Tianjin Hefa Property Development Co Ltd, which in turn has the development rights to a land parcel worth 4.8 billion yuan (S$999 million).
Yanlord also acquired through Nanjing Renyuan a 16.5 per cent stake in Tianjin Lianzhan Property Development Co Ltd, which in turn has the development rights to a land parcel worth 2.95 billion yuan.
Both land parcels are slated for mixed development.