Yanlord inks $13m deal with CR Land

It will be for the redevelopment project in Zhongshan, China.

Singapore-listed real estate developer Yanlord Land Group Ltd. unveiled its 100% acquisition of a wholly-owned subsidiary known as Zhongshan Renyuan Investment Co. Ltd (ZRI) through its subsidiary, Nanjing Renyuan Investment Co. Ltd..

The deal was with state-owned China Resources Land (CR Land) and was for the primary land redevelopment of Zhongshan. It had a total consideration of RMB 64 million ($13 million).

With the said acquisition, Yanlord will obtain varying interests in a group of entities that include 35% interest in Zhongshan CR Land, an investment holding company jointly held with a subsidiary of CR Land who holds a 40% interest, which in turn holds controlling stakes in two property development companies in Zhongshan that will focus on the primary redevelopment of the 1.23 sq km site.

In a statement, the Yanlord Chairperson Zhong Sheng Jian said the site will be redeveloped into a landmark lifestyle and services hub in Zhongshan city.

“This latest acquisition marks our first collaboration with CR Land and provides us with a strategic partner to jointly explore property development in Zhongshan. Capitalising on our track record for primary land redevelopment projects…, this convergence of strengths will further augment our competitive advantage in property development and complement our existing footprint within the Pearl River Delta region," he said.

More so, he added that this would significantly contribute to the economic development and lifestyle habits of the residents of the city.

"A growing economic centre, Zhongshan’s rapid pace of development presents significant potential for that will contribute to our future growth," he noted.