Yanlord unit, GIC affiliate ink agreement to co-invest in China residential projects
YANLORD (China) Investment Group, a unit of property developer Yanlord, has inked an investment agreement of up to seven billion yuan (S$1.4 billion) with an affiliate of Singapore's sovereign wealth fund GIC, to co-invest in China residential projects.
Yanlord will own 51 per cent of each of the project companies and joint venture companies to be co-invested in, while the GIC affiliate will own the remainder, the mainboard-listed company said in a bourse filing after the market close.
The collaboration will run for seven years, with an option to extend for another two years upon mutual agreement. Yanlord and GIC have previously co-invested in China property development projects since 2006.
Yanlord's chairman and chief executive Zhong Sheng Jian said that the company is pleased to continue its partnership with GIC.
"Since 2006, GIC and Yanlord have cooperated to invest in Nanjing and expanded our footprint in key cities in China. The cooperation programme will further strengthen our presence in China and create value to the shareholders," he said.
Shares of Yanlord closed at S$1.22 on Tuesday, up 0.83 per cent.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
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
Stocks to watch: CLI, Great Eastern, MIT, Sheng Siong, iFast, OUE, Far East Orchard
ByteDance prefers TikTok shutdown in US if legal options fail: sources
CapitaLand Investment posts total revenue of S$650 million for Q1
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Toyota is investing US$1.4 billion to build another all-electric SUV in US
Airbus net profit soars 28% in first quarter