HONG KONG: Yanlord Land Group Limited announced that its wholly-owned subsidiary, Yanlord (China) Investment Group Co., Ltd., has entered into an investment agreement with an affiliate of GIC Private Limited (GIC), Singapore’s sovereign wealth fund, to form an investment platform to co-invest in residential projects in China.
The Cooperation Program entails a total investment of up to RMB 7 billion. The Company and the affiliate of GIC shall own effective interests of 51% and 49% in each of the project companies and joint venture companies to be co-invested by the parties under the Cooperation Program, respectively.
The Cooperation Program is scheduled to commence from the signing date of the investment agreement and will run for 7 years, with an option to extend for another 2 years upon mutual agreement between the parties.
Building on the two parties’ previous and existing co-investments in the PRC’s property development projects since 2006, the Cooperation Program marks another significant partnership between Yanlord and GIC.
Commenting on the partnership, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said “We are pleased to continue our partnership with GIC to further expand our investment in the PRC. Since 2006, GIC and Yanlord have co-operated to invest in Nanjing and expanded our footprint in key cities in the PRC. The Cooperation Program will further strengthen our presence in the PRC and create value to the shareholders.”
Yanlord Land Group Limited (Z25.SI) is a real estate developer focusing on developing high-end fully-fitted residential, commercial and integrated property projects in strategically selected key and high-growth cities in the PRC and Singapore. Yanlord Land Group Limited was listed in June 2006 on the Mainboard of the Singapore Exchange. As at 31 December 2019, the Group’s total asset was approximately RMB 129.9 billion.