SINGAPORE (Dec 19): Yanlord Land Group announced that its wholly-owned subsidiary, Yanlord (Shenzhen) Investment Management, has acquired a 65% stake in Shenzhen Dongguan Shengtai Investment for RMB563 million ($114.7 million).

The acquisition will be paid via a cash consideration of RMB95 million over two installments, and a guaranteed profit of RMB468 million.

Shenzhen Dongguan Shengtai Investment holds the development rights to a prime redevelopment site, Gongfang Dasha, in Shenzhen's Luohu district, which has a gross floor area (GFA) of 55,000 sqm.

The property is located in the key shopping and commercial district of the Shenzhen Special Economic Zone.

The group plans to redevelop the site into a comprehensive suite of business and lifestyle amenities, which will include hospitals, proximity to key government offices and natural parks, as well as schools.

Zhong Sheng Jian, chairman and CEO of Yanlord says, “Looking ahead, we will, in accordance to our financial ability, continue to explore opportunities to further extend our footprints within Shenzhen as well as the rapidly expanding Pearl River Delta Region.”

This story, written by Samantha Chiew for The Edge Singapore, first appeared on Dec 19.