Yanlord Land unit acquires Hangzhou firms

CHINA-BASED real estate developer Yanlord Land Group announced on Friday evening that it has acquired a 50 per cent stake in investment holding firm Hangzhou Binbai Investment Management Co, which fully owns property developer Hangzhou Binheng Property Development Co.

No consideration was payable, with the registered capital of both Hangzhou firms remaining unpaid at the time of acquisition. Hangzhou Binbai has registered capital of 20,000 yuan (S$3,976) and Hangzhou Binheng, 100 million yuan. The net liability of the acquisition based on the management accounts as at Sept 30, 2018 was approximately 700 yuan.

The deal, made through Yanlord Land's wholly owned unit Hangzhou Renan Property Co, is not expected to have any material impact on Yanlord Land's net tangible assets per share or earnings per share for the financial year ending Dec 31, 2018.

Yanlord Land shares closed up one Singapore cent or 0.82 per cent at S$1.23 on Friday before the announcement.