Yanlord partnering Perennial to bid for United Engineers: sources

Singapore

YANLORD Land Group, the China-focused developer, is partnering Perennial Real Estate Holdings in a bid for century-old Singapore property group United Engineers Ltd, people with knowledge of the matter said.

A consortium including Perennial and Yanlord plans to announce an agreement as soon as Thursday to buy Oversea-Chinese Banking Corp's stakes in United Engineers and its WBL Corp subsidiary, the people said, asking not to be identified because the information is private. It then plans to make an offer for the rest of United Engineers, which has a market value of S$1.73 billion, the people said.