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Published September 23, 2009

Yanlord buys four Shanghai sites for 2.6 billion yuan
Move raises its land bank in Waigaoqiao to 320,000 sq m

By FELDA CHAY
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CHINA-based developer Yanlord Land Group has increased its land bank in Shanghai, buying four adjacent prime residential sites in Pudong's Waigaoqiao district for 2.6 billion yuan ($543.1 million).

Mr Zhong: 'This enlarged land bank will provide ... greater scalability in development ... within the area.' The four land plots of gross floor area 162,074 square metres - adjacent to two other plots that Yanlord bought in July last year - brought its land bank in Waigaoqiao to about 320,000 sq m.
Yanlord chairman and chief executive Zhong Sheng Jian said: 'This latest acquisition is part of our expansion strategy in China and reflects our confidence in the prospects of Shanghai's real-estate sector.'
The sites are situated on the southern edge of Shanghai's latest eco-development district Senlan Waigaoqiao. They are connected to Shanghai's financial centre by the metro line, while the southern ring road links them to the Pudong International Airport.
Yanlord plans to combine all the six plots for the building of prime residential apartments.
'This enlarged land bank will provide the group with greater scalability in the development of a large-scale international community within the area and tap on the buoyant economic development of the Waigaoqiao area to contribute positively to the group's future performance,' said Mr Zhong.
Last month, the company reported that its second-quarter revenue shot up 56 per cent to $615.8 million from a year ago on demand for high-end housing in China, which led to a higher average selling price per square metre in Q2.
Net profit for the three months ended June 30 thus rose 36.3 per cent to $91.6 million, from $67.2 million for Q2 last year.
Yanlord shares closed one cent higher yesterday at $2.39.