YANLORD ACQUIRES STRATEGIC 50% STAKE IN A PRIME RESIDENTIAL DEVELOPMENT SITE IN NANJING XIXIA DISTRICT
Singapore/Hong Kong –Yanlord Land Group Limited announced that it has through its wholly-owned subsidiary, Nanjing Renyuan Investment Co, Ltd., acquired a 50% interest in Nanjing Yiyan via the strategic capital injection of RMB10.0 million. Nanjing Yiyan holds the development rights to a 84,456 sqm prime residential development site in YanZiJi, Xixia District, Nanjing.
Ideally situated within Nanjing city’s Xixia District, the site overlooks the Yangtze River to the north and is surrounded by lush greenery such as the Guanyin Gate Park (观音门公园) to the west, YanZiJi Park (燕子矶公园) and the MuYan scenic belt (慕燕风光带). Well connected via key thoroughfares running through the district, the site is a short hop to the adjacent No.1 metro line (笆斗山站) and will feature a comprehensive suite of lifestyle amenities such as shopping malls, hospitals and schools available to cater to the lifestyle needs of residents.
The development was acquired by Nanjing Yiyan through a public auction for a consideration of RMB2.01 billion and funded through equity contributions and a pro rata share of shareholders’ loans from its respective shareholders. The site has an area of approximately 52,785 sqm and a plot ratio of up to 1.6 times.
Commenting on the latest acquisition, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said, “This latest acquisition in Nanjing reiterates our commitment to and confidence in the Nanjing real estate market, and will build on our extensive track record of developing quality residences which Nanjing citizens have grown to trust and support. Ideally situated, this site capitalizes on the Nanjing government initiatives to revitalise key districts within the city and provides a unique opportunity for Yanlord to augment our prime development landbank within the core regions of Nanjing city.”