YANLORD ACQUIRES STAKE IN PRIME SUZHOU RESIDENTIAL DEVELOPMENT SITE FOR RMB450 MILLION
Singapore/Hong Kong – 24 October 2018 – Singapore Exchange (“SGX”) listed Yanlord Land Group Limited (“Yanlord” or the “Company”, and together with its subsidiaries, the “Group”), a real estate developer focused on developing high-end integrated commercial and residential property projects in strategically selected high-growth cities in the People’s Republic of China (“PRC”), announced today that it has through its wholly-owned subsidiary, Nanjing Renyuan Investment Co., Ltd., acquired a 30% stake in Suzhou Jinjun Property Development Co., Ltd., a project company which holds an approximately 141,864 sqm GFA prime residential development site in Suzhou city’s Gusu District (姑蘇區) via a capital injection of RMB450 million.
Ideally situated within Suzhou city’s administrative district, the site has a site area of approximately 57,000 sqm and a plot ratio of up to 2.5 times. Benefiting from its close proximity to Huqiu Wetland Park (虎丘濕地公園), a key tourist destination and endearingly known as Suzhou city’s Green Lung, the site is well connected via key thoroughfares passing through the district as well as the city’s No.2, No.4 metro lines and No.8 metro line which is under planning. Future residents of the project will be able to enjoy the comprehensive and mature suit of lifestyle amenities surrounding the site such as shopping malls, hospitals, libraries and schools that will cater to their every lifestyle need.
Commenting on the latest acquisition, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said, “Nestled in the most important transportation and administrative hub of Suzhou city, this project reiterates our commitment to and confidence in the Suzhou real estate market, and will build on our extensive track record of developing quality residences which Suzhou citizens have grown to trust and support.”