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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.