Yanlord JV acquires two residential integrated development sites in Shanghai
A JOINT venture of Yanlord Land Group has acquired two prime residential integrated development sites in Jingan District of Shanghai for 4.2 billion yuan (S$859.8 million), the property developer said in a bourse filing on Friday.
Yanlord entered into the joint venture with Huafa Industrial Co Ltd Zhuhai through an indirect wholly-owned subsidiary, and holds an effective interest of 30 per cent in the joint venture.
The sites are located in one of Shanghai's core central districts and will be developed into high-end residential apartments, cultural institutions, offices and commercial developments. They have a total gross floor area of 79,699 square metres and were acquired via public land auction.
Yanlord shares closed unchanged at S$1.05 on Friday.
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Wall Street bonus rules return to regulatory agenda in third try
Honda to invest US$808 million in Brazil by 2030
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande