Yanlord buys residential site in China for $600m

The 154,500 sqm site is near technology hubs in Hangzhou.

Yanlord subsidiary Hangzhou Renyuan Property Development acquired a 154,500 sqm residential site in Zhijiang province for RMB2.94b ($600m) through public auction, an announcement revealed.

Found within the Zhijiang Resort Centre in Xihu District, the site has a plot ratio of up to 2.0. It is near technology hubs including Yunqi Town and Yichuang town as well as the Alibaba Cloud.

The Hangzhou property is also near No.6 metro line of the city which is still under construction.

“Hangzhou’s rapid pace of developments driven by its robust IT industry presents significant potential for the development of prime international communities that will contribute to our future growth,” Yanlord chairman and CEO Zhong Sheng Jian said.

According to Zhong, the acquisition is in line with their target to expand footprint in the Yangtze River Delta.