The land parcels are slated for mixed-use development and will include amenities like schools.
Yanlord bought a 19.8% interest and 16.5% interest in Tianjin Hefa Property Development (Tianjin Hefa) and Tianjin Lianzhan Property Development (Tianjin Lianzhan), which own land parcels 189 and 188 worth $957.56m (RMB4.6b) and $614.06m (RMB2.95b).
According to an announcement, Tianjin Hefa has the development rights to the 250,446 sqm land parcel 189, whilst Tianjin Lianzhan holds the rights to the 165,188 sqm land parcel 188.
The land parcels are slated for mixed development and will include the provision of key amenities to residents including schools from the pre-primary to secondary levels. The sites are connected to key thoroughfares and the city's metro line route 1 as well as the upcoming metro lines 4 and 8.
Yanlord chairman and CEO Zhong Sheng Jian, “This latest acquisition represents a continuation of our strategic initiative to further expand our footprint within the Bohai Rim. A key economic centre and one of China's richest cities. Tianjin’s rapid pace of growth represents significant potential for the development of prime residential developments.”
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