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Yanlord Land subsidiary buys property company in Hainan, China

Yanlord Land Group Ltd.'s Hainan Yanlord Luqiao Investment Co. Ltd. subsidiary paid 32.0 million Chinese yuan for the purchase of a Hainan, China-based property development company.

The target, Hainan Jinzhonghong Industrial Development Co. Ltd., has a registered capital equal to the consideration that the Singapore-based company's unit paid for the acquisition.

The net tangible asset value of the transaction is approximately 3 million yuan.

As of March 15, US$1 was equivalent to 6.32 Chinese yuan.