Yanlord Land's 75/25 JV with GIC to develop high-end housing in Chengdu may revive interest in the stock, which have been consolidating after sharp pullback in April. The JV will in turn set up a 40/60 subsidiary with Yanlord to undertake the prime residential site with GFA of almost 400k sqm, located along the 2nd ring road, near Chengdu’s CBD district city.
The project is expect to build on Yanlord’s earlier success in Chengdu with several residential, commercial developments including the latest integrated commercial development Yanlord Landmark. Stock is trading at 43% discount to RNAV, a victim of China’s property cooling measures. Support is at 52-week low of $1.52.
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