Yanlord: To set up 2 JVs with GIC's real estate affiliate Reco Yizhong in Tianjin, China. Both co.s have acquired a 364.5k sqm gfa prime resi dev site in Jinnan for Rmb1.16b, an avg of 3.2k per sqm in a land auction. There are existing govt initiatives to dev area into educational district to house over 200k students, 20 vocational institutes and Tianjin and Nankai universities...
Yanlord will own 60% in both JVs namely Tianjin Yanlord Beiyang with US$176m total registered capital and Tianjin Yanlord Xincheng with US$212 total reg capital. Site is 15km drive from airport and abt 15 min drive from city centre. Yanlord’s P/B is approx 1.24x compared to hist avg of 2.40x
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