Yanlord buys Suzhou site for 2.2b yuan

Yanlord buys Suzhou site for 2.2b yuan June 30, 2007
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Chinese real estate developer Yanlord Land has acquired a site in Suzhou for about 2.16 billion yuan (S$435.9 million), it said yesterday.

The ‘prime site’ is located in Shuanghu Plate Area, Suzhou, Jiangsu Province, and is located between the Dushu and Jinji lakes. It has a total gross floor area of nearly 337,000 square metres, and was acquired at about 6,400 yuan per square metre of GFA, Yanlord said.

The group intends to develop the property into ‘a deluxe residential zone comprising townhouses, fully fitted apartments, ancilliary commercial facilities and serviced apartments’. The acquisition demonstrates ‘our continued confidence in the potential of the rapidly expanding Suzhou property sector and its ability to play a key role in Yanlord’s geographical expansion strategy’, said Zhong Sheng Jian, chairman and CEO of Yanlord.

Suzhou has seen per capita disposable income nearly double from 10,515 yuan in 2001 to 18,532 yuan in 2006, one of the highest among the Yangtze River Delta cities, he added.

The foreign investment - such as from over 80 of the Fortune 500 companies - have also attracted expatriates from overseas and other parts of China.

Source: The Business Times