Yanlord buys stakes in Shenzhen developers for $223.79m

It also disposed of a 5% interest in Hainan Yanlord Beautycrown.

Yanlord Land’s indirect wholly-owned subsidiary Yanlord (Shenzhen) Investment Management has acquired a 49% interest in Shenzhen Shengzhong Real and a 40% interest in Shenzhen Minji Real Estate Development for a combined consideration price of $223.79m (RMB1.148b), according to an SGX filing.

Yanlord has paid $69.01m in full for the acquisition of interests in Shenzhen Shengzhong. The company has a registered capital of $4.33m (RMB22.22m).

The group has agreed to purchase a 40% interest in Shenzhen Minji for $154.78 (RMB794m), of which $97.47m (RMB500m) has been paid in cash. The remaining $57.31m (RMB294m) will be offset by way of distribution of profits. Shenzhen Minji has a registered capital of $29.24m (RMB150m).

On the other hand, Yanlord’s subsidiary Nanjing Renyuan Investment has disposed a 5% interest in Hainan Yanlord Beautycrown for approximately $780,900 (RMB4.06 million). Of this, $697,800 (RMB3.58m) has been paid whilst the remaining $93,500 (RMB480,000) will reportedly be made at a later date.