Singapore Exchange listed Yanlord Land Group Limited, a real estate developer focusing on developing high-end integrated commercial and residential property projects in the People's Republic of China, announced it has through its wholly-owned subsidiary Hangzhou Renyuan Property Development Co., Ltd. acquired a 154,500 sqm GFA prime residential development site in Hangzhou for approximately RMB2.94 billion through a public land auction.
Nestled within the Resort Centre of Xihu District, the site has a plot ratio of up to 2.0 times and benefits from local government's initiatives to develop the area into a key cultural and lifestyle centre in Zhejiang Province. Home to numerous campuses of renown institutes such as the
China Academy of Art and the Zhejiang Conservatory of Music, the district is also home to four provincial level museums.
Benefiting from its close proximity to the technology hubs of Yunqi Town and Yichuang Town which are the designated campuses for renowned technology, media and telecommunication companies such as Alibaba Cloud, the site is expected to attract key talents and senior executives who are working in the vicinity and who are keen to reside in a prime international community.
Commenting on the latest acquisition, Mr. Zhong Sheng Jian, Yanlord's Chairman and Chief Executive Officer, said, “This latest acquisition is a continuation of our strategic initiative to further expand our footprint within the Yangtze River Delta. A key economic and cultural centre,
Hangzhou's rapid pace of developments driven by its robust IT industry presents significant potential for the development of prime international communities that will contribute to our future gth. Leveraging on our past experiences in developing prime international communities, we will create a landmark international residential development that will set new benchmarks for the area.”