Singapore-listed Chinese developer Yanlord Land Group has bought two adjacent residential sites in the southern Chinese city of Zhuhai for 3 billion yuan (S$598 million) together with Ho Bee Investment and Shanghai Youyou Group.
The sites have a combined gross floor area of 499,329 sq m and were purchased at an average 6,000 yuan per sq m, Yanlord said yesterday.
Yanlord will own 60 per cent of the joint venture, while Ho Bee and Shanghai Youyou will each take 20 per cent.
With an average plot ratio of up to 2.19 times, the sites capitalise on government initiatives to inject more than 300 billion yuan to develop Zhuhai into a western hub for the Pearl River Delta.
Shares in Yanlord, the developer of several large-scale residential properties in Shanghai and Nanjing, closed up 1.5 per cent to S$1.03 yesterday before the announcement was made.
Shares in Ho Bee, the developer of luxury homes in Sentosa Cove, closed up 1.2 per cent to S$1.285. Some of its properties under development are the Trilight condominium in Newton Road and the One Pemimpin high-tech industrial building.
Source : Today – 25 Oct 2011