Yanlord Land units acquire stakes in 2 China property firms for RMB 1.64 bil

SINGAPORE (Oct 25): Yanlord Land Group announced Wednesday that two of its wholly-owned subsidiaries have acquired stakes in two property development firms in Hangzhou, China for a total cash consideration of RMB 1.64 billion ($337 million).

First, wholly-owned subsidiary Shanghai Renrui Real Estate Co. has acquired an interest of 30% in Hangzhou Kesheng Property Development Co. for RMB 515.6 million, which will be fully paid in three instalments.

Next, wholly-owned subsidiary Shanghai Renhang Real Estate Co. has acquired an interest of 30% in Hangzhou Keyi Property Development Co. for RMB 1.12 billion, which will also be fully paid in three instalments.

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