Yanlord, Reco Yizhong jointly acquire residential land site in China

Mainboard-listed Yanlord Group and Reco Yizhong have jointly acquired a residential land site in Tianjin Jinnan District in China.

Yanlord is a property developer specialising in developing high-end commercial and residential projects in Chinese growth cities, while Reco Yizhong is an affiliate of the Government of Singapore Investment Corporation (GIC) Real Estate.

Both parties acquired the prime residential land, which spans 364,787 square metres, in a public land auction for RMB 1.16 billion or US$175.7 million.

This works out to a price of RMB 3,182 per square metre.

The site is located in the Tianjin Haihe Academic Park and is zoned for development into a 37 square kilometre educational district.

It has a plot ratio of up to 2.2 times. The Academic Park is sub-divided into three parks which will focus on vocational training, higher learning as well as research and development.

The district will house over 200,000 students and 20 vocational institutes, as well as the campuses of renowned universities such as the Tianjin University and the Nankai University.

The site is located in Jinnan district, which connects to Tianjin’s traditional downtown area and the Binhai New Area.

It is a 15-minute drive from the city centre, is in close proximity to the district government centre and 15 kilometres from the airport.

It is a joint acquisition where Yanlord has an equity ownership of 60 per cent while Reco Yizhong owns the remaining 40 per cent.

Source : Channel NewsAsia – 31 Jan 2011

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