A Yanlord LandGroup Ltd. unit purchased two prime sites in , China, for a combined price of3.69 billion Chinese yuan.
Nanjing Renyuan Investment Co. Ltd. acquired the propertiesvia two public land auctions. It paid around 2.07 billion yuan to purchase theWG-46 site in Gusu District. The development site with an approximately53,863-square-meter gross floor area is close to the company's Riverbay Gardensproject.
The second site is the WG-63 property in the Suzhou Gao XinDistrict. It has around 52,369 square meters of gross floor area and sits nearthe company's Tang Yue Bay Gardens.
Both sites are located in proximity to two of the company'sresidential developments.
Yanlord Chairman and CEO Zhong Sheng Jian said theacquisition of the two sites will allow the company to improve its presence inSuzhou, amid an increasing demand for prime residential developments in the city.
As of Sept. 26, US$1was equivalent to 6.67 Chinese yuan.