Yanlord Land raises stake in property unit for $215.92m

Its interest in the company jumped from 60% to 100%.

Yanlord Land Group, through Yanlord Land, bought an additional 40% interest in Yanlord Property from Reco Yizhong (Reco) for a total consideration price of $215.92m (RMB1.05b).

Following the acquisition, the company's interest in Yanlord Property, held through Yanlord Land, has increased from 60% to 100%.

The consideration price includes RMB466.87m for the transfer of the 40% interest in Yanlord Property and RMB579.1m for the transfer of the shareholder loan given by Reco to Yanlord Property.

As at 31 March 2018, the net tangible asset value represented by the 40% interest in Yanlord Property was approximately RMB1.784b.

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