Yanlord Land sets up 3 new business units, dissolved JV in China
Its subsidiaries set up new businesses in Shanghai and Shenzhen.
Out with the old, in with the new seems to be the mantra of property developer Yanlord Land this new year, as it moves to establish three new units in China and dissolved one of its joint ventures, an SGX filing revealed.
Yanlord Land Investment Management, a Shanghai-based subsidiary of Yanlord Land set up Taicang Renzhuo Real Estate in Taicing city for a capital of $1.9m (RMB10,000,000).
The company’s indirect wholly-owned subsidiary Yanlord Land Shenzhen also put up an investment management firm, Shenzhen Guanhu Yanlord Investment and Development, for a capital of $9.7m (RMB50,000,000).
The real estate developer also made space for a business management services company. For $194,032 (RMB1,000,000), Yanlord Land established Nanjing Renxing Enterprise Management in Nanjing city through its subsidiary, Nanjing Renyuan Investment.
The developer holds 100% stake for its Taicing and Nanjing entity, whilst it owns 55% stake for its Shenzhen unit.
Amidst the inception of new companies, the company has decided to terminate its joint venture (JV) with residential entity Blossom HK due to dormancy. The partnership was created as an investment holding back in 2017.