Singapore-listed Yanlord Land Group Ltd. and mainland conglomeratePing An Insurance (Group) Co. ofChina Ltd. plan to develop an approximately 295,000-square-meterprime residential site in Suzhou, China.
Subsidiaries of the two have established a joint venture forthe project, according to a filing. The project company, which bought the sitefor about 4 billion Chinese yuan, is named Suzhou Renan Real Estate Co. Ltd.
A separate filing from Yanlord said its unit acquired the28.7 million-yuan stake through a 30.0 million-yuan capital increase.
As of July 13, US$1was equivalent to 6.69 Chinese yuan.