Yanlord acquires 65% stake in Shenzhen redevelopment site for $114.7 mil

SINGAPORE (Dec 19): Yanlord Land Group announced that its wholly-owned subsidiary, Yanlord (Shenzhen) Investment Management, has acquired a 65% stake in Shenzhen Dongguan Shengtai Investment for RMB563 million ($114.7 million).

The acquisition will be paid via a cash consideration of RMB95 million over two installments, and a guaranteed profit of RMB468 million.

Shenzhen Dongguan Shengtai Investment holds the development rights to a prime redevelopment site, Gongfang Dasha, in Shenzhen's LuoHu district, which has a gross floor area (GFA) of 55,000 sqm.

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