Yanlord Land and Ho Bee Land have entered a deal to jointly develop a residential site in Hongqiao District, Tianjin, in mainland China, the two property developers said in a filing to SGX after the market close Monday.
The site, with an area of around 53,200 square meters, was acquired by Yanlord in a public land auction for around 1.5 billion yuan, the filing said. The land will be developed into a high-end residential project, with community retail space and educational facilities, the companies said.
Yanlord will hold 51 percent of the interest in the development, while Ho Bee will hold the remainder, the companies said.
The project is adjacent to the office of the Hongqiao District Government of Tianjin and the city’s major commercial and office areas, as well as being located 600 meters from Metro Line Route 1, QinJianDao station, the companies said.
“The latest land acquisition in Tianjin reiterates our commitment to and confidence in the Tianjin real estate market, and will build on our extensive track record of developing quality residences which Tianjin citizens have grown to trust and support,” Zhong Sheng Jian, Yanlord’s chairman and CEO, said in the statement.
Chua Thian Poh, Ho Bee’s chairman and CEO, added that the project would extend his company’s partnership with Yanlord, in a move in line with its efforts to diversify overseas.