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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.