YANLORD ACQUIRES MAJORITY STAKE IN A PRIME DEVELOPMENT SITE IN CHENGDU FOR RMB321 MILLION
Singapore/Hong Kong – 9 November 2017 –Yanlord Land Group Limited announced that it has through its wholly-owned subsidiary, Yanlord Land (Chengdu) Co., Ltd., acquired a 80% interest in an entity which holds the development rights to a 106,044 sqm integrated development site in Chongzhou city, Chengdu for RMB321 million.
Ideally situated within Chongzhou, Chengdu’s designated City of Excellent Tourism under the belt and road initiative, the site has a low-density benchmark of 0.5-0.8 times and is encapsulated by lush natural surroundings such as the Fengxi Mountain (凤栖山) to the north and the Weijiang River (味江河) to the east. Well connected to central Chengdu and the Shuangliu International Airport via key thoroughfares running through the district as well as the upcoming high-speed railway, the development will enjoy a comprehensive suite of lifestyle amenities that includes prime retail as well as top-rated golf courses. Benefiting from the continued drive for eco-tourism, the site is in close proximity to major tourist attractions such as the namesake 4A-level tourist attractions of Jiezi Ancient Town (街子古镇) and the 5A-level world heritage site of Mount Qingcheng (青城山).
Commenting on the latest acquisition, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said, “With China’s growing affluence, there has been an increasing trend of Chinese consumers gravitating towards spending in sectors like high-quality healthcare and in seeking lifestyles away from the hustle of city living. Underscored by changing consumption standards, an influx of population with discerning requirements will undoubtedly arise and drive demand for high-end residential developments within key tourism regions. This latest acquisition ideally positions Yanlord to capitalise on this trend. Building on our track record of delivering high-quality developments, we are confident that this latest acquisition will serve to further enhance our sustainable development.”