Yanlord: buys 50% stake in Shanghai Youyou Group's wholly owned subsidiary Shanghai Renpin for a consideration of ~Rmb 1.655b. With this acquisition, Yanlord will gain a 50% ownership of Shanghai Renpin's 148k sm gfa prime residential devt site in the prestigious Century Park Int’l Community District, which translates into an acquisition cost of ~Rmb 22,177 psm. The site, which is close to the Lujiazui Financial District, has a plot ratio of ~ 2.66x.
'This latest site is one of the few remaining sites in the area suitable for the development of a high-end int’l community . . . Ideally situated in a prime location and attractively priced, this site will undoubtedly further augment our prime land bank holdings and is expected to contribute significantly to our future growth,' said Zhong Sheng Jian, Yanlord's chairman and CEO. The acquisition will be funded by internal resources and is expected to be fully paid in five installments by 31 Jul, 2012.
Yanlord's shares last closed at $1, up 2.5 cts.
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