A subsidiary of Yanlord Land Group Ltd. acquired a 50% interest in a 52,785-square-meter prime residential site in Nanjing, China, through the purchase of a half stake in Nanjing Yiyan Real Estate Co. Ltd., which owns the development rights to the site.
Nanjing Renyuan Investment Co. Ltd. paid 10.0 million Chinese yuan for the half stake.
Nanjing Yiyan Real Estate Co. Ltd. picked up the site through a public tender for 2.01 billion yuan previously, with the Yanlord unit planning to construct a 84,456-square-meter residential scheme on the plot, which holds a maximum plot ratio of 1.6x.
Meanwhile, Nanjing Renyuan also paid 60.0 million yuan for a 60% interest in another company, Hainan Yanlord Beautycrown Cultural Tourism Development Co. Ltd., which focuses on tourism investment and asset management.
As of Aug. 3, US$1 was equivalent to 6.72 yuan.