Tuesday, October 25, 2011

Yanlord & Ho Bee

Yanlord & Ho Bee: Yanlord with Ho Bee and Shanghai Youyou Group in a 60%, 20%, 20% JV, acquires 2 adjacent prime residential sites with a combined GFA of 500k sqm in Zhuhai for Rmb3.0b at an avg purchase price of Rmb6k per sqm in a public land auction. The sites have an avg plot ratio of up to 2.19 times and capitalise on government initiatives to inject over Rmb300b to develop Zhuhai into a western hub for the Pearl River Delta.

Key infrastructure projects such as the Hong Kong – Macau - Zhuhai bridge, the Hengqin New District, the Guangzhou-Zhuhai railway and the Aeronautical Industrial Park are some of the key projects brought forth by the government.

Yanlord trades at current P/B of 0.8x and Ho Bee at 0.6x vs developer avg of 0.8x

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