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Yanlord Land paying 450m yuan for 30% stake in Suzhou residential project
MAINBOARD-LISTED developer Yanlord Land Group has invested in a private home project in China through a wholly-owned subsidiary, it said on Wednesday.
Its Nanjing Renyuan Investment unit paid 450 million yuan (S$89.4 million) for a 30 per cent stake in the project company behind a residential project in the eastern city of Suzhou. The site has a gross floor area of 141,864 square metres (1.53 million square feet), with a maximum plot ratio of 2.5.
Yanlord said in an announcement on the Singapore Exchange website that the deal is not expected to have any material impact on the group's net tangible assets or earnings per share for the year to Dec 31.
The acquisition was described as in line with Yanlord's strategic focus within the greater Suzhou real estate market, amid "strong demand for high-quality residential developments".
Chairman and chief executive Zhong Sheng Jian said in a statement that the project "reiterates our commitment to and confidence in the Suzhou real estate market, and will build on our extensive track record of developing quality residences".
Yanlord closed down by S$0.01 or 0.81 per cent to S$1.22 before the announcement.