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Yanlord Land forges on with Shenzhen expansion via 563M yuan project acquisition

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Yanlord Land forges on with Shenzhen expansion via 563M yuan project acquisition

Yanlord Land Group Ltd. is expecting a profit of 468 million yuan from its 563 million yuan investment for a 65% stake in a 55,000-square-meter commercial development in Shenzhen.

The Singapore-listed company is hoping to expand its footprint in the Chinese city through the purchase, which was carried out by its Yanlord (Shenzhen) Investment Management Co. Ltd. subsidiary.

Zhong Sheng Jian, Yanlord Land's CEO and chairman, said the company will continue to explore expansion opportunities within Shenzhen and in the Pearl River Delta Region in accordance with its financial capacity.

As of Dec. 19, US$1 was equivalent to 6.60 yuan.