China property developer Yanlord Land said on Wednesday that its wholly owned subsidiary, Nanjing Renyuan Investment, acquired a 30 percent stake in a Suzhou residential development site for a capital injection of 450 million yuan.
The stake was acquired in Suzhou Jinjun Property Development, a project company which holds an around 141,864 square-meter gross floor area development site n Suzhou city’s Gusu district, it said in a filing to SGX after the market close on Wednesday.
The project has a site area of around 57,000 square meters and a plot ratio of up to 2.5 times, it said.
“Benefiting from its close proximity to Huqiu Wetland Park, a key tourist destination and endearingly known as Suzhou city’s Green Lung, the site is well connected via key thoroughfares passing through the district as well as the city’s No.2, No.4 metro lines and No.8 metro line which is under planning,” Yanlord said in the statement.
Zhong Sheng Jian, Yanlord’s chairman and CEO, said the acquisition reiterated the company’s confidence in the Suzhou real estate market.