Yanlord Land

[millionairemind]

Published June 10, 2010

Yanlord Land, GIC unit in US$300m JV

Move to develop a residential project in Chengdu

By UMA SHANKARI

CHINA-BASED Yanlord Land has teamed up with the real estate unit of Government of Singapore Investment Corp (GIC) to set up a US$300 million company to develop a residential project in Chengdu.

Yanlord Land said the new project is expected to build on the group's earlier successes in Chengdu.

Yanlord Land yesterday said it has set up the joint venture (JV) company Yanlord Property Investments with an affiliate of GIC Real Estate. GIC Real Estate owns 75 per cent of the Singapore-incorporated JV, while Yanlord Land owns the remaining 25 per cent stake.

Yanlord Property Investments then teamed up with Yanlord Land's wholly owned Chengdu unit to set up a new JV company in Chengdu - Yanlord Real Estate (Chengdu). Yanlord Property Investments has a 40 per cent stake in this JV company, while Yanlord Land's Chengdu unit holds the other 60 per cent.

Yanlord Real Estate (Chengdu), which has registered capital of US$300 million, will develop a prime residential project at Panchenggang in Chengdu's Jinjiang District, Yanlord said yesterday. The project has a planned gross floor area of about 390,658 square metres.

Yanlord Land's stake in the project works out to 70 per cent, while GIC Real Estate will have 30 per cent.

Strategically situated along the second ring road of Chengdu city, the project is in close proximity to Chengdu's key attractions such as the Sha River, Tazishan Park, an area that is designated for Chengdu city's ecological park and the construction of schools and lies a mere 5 km from Chengdu's Central Business District, Tianfu Square.

Yanlord Land said the new project is expected to build on the group's earlier successes in Chengdu - the Hengye International Plaza commercial development and the high-end residential project Hengye Star Garden - and will complement the group's latest integrated commercial development, Yanlord Landmark.

The proposed transaction is not expected to have a material impact on the net tangible assets or earnings per share of the company for the financial year ending Dec 31, 2010, Yanlord Land said.

Yanlord Land's shares lost one cent to close at $1.59 yesterday.

[LenaHuat]

I'm now paying close attention to this ticker. Yesterday's deals (done with Ho bee) in Hebei sound promising too. Hebei and Sichuan are good prospects for the next stage of China's growth away from the SEZ.
Awaiting the Chinese measures against property hikes to pan out in maybe 2Qs' time to scoop this ticker up.

[winston]

Yes, very good management and reputation.

The only risk is Company Specific Risk ....

[tinpeng]

One of my sources told me Yanlord is China Version of City Development.

Vested.

[winston]

Not too sure that they are in the same league as the Kweks but they do have a good reputation though for quality high end apartments.

But there's also a lot of good Chinese properties that one can watch eg. Vanke, China Overseas, Shimao etc..

[LenaHuat]

It's not in the league of CDL or Vanke or Shanghai Shimao. But it will be a multibagger again. I think I can't wait for 2Qs.

[Blackjack]

Establishment of a new joint venture company in Nanjing, People’s Republic of China Yanlord Land Group Limited (“Company”) wishes to announce that it has through its joint venture company, Sino-Singapore Nanjing Eco Hi-Tech Island Development Co., Ltd. (中新南京生态科技岛开发有限公司) (“SNECO”)1, set up a new wholly-owned joint venture company in Nanjing, People’s Republic of China (“New Entity”).

[millionairemind]

Published August 12, 2010

Yanlord posts 9% rise in Q2 profits to $99.9m

By LYNETTE KHOO

YANLORD Group posted a 9 per cent rise in net profit for the second quarter ended June 30 to $99.9 million, citing an increase in gross floor area (GFA) delivered.

Revenue grew one per cent from a year ago to $622.1 million during the quarter, while gross profit margin inched up 1.3 percentage points to 63.4 per cent, the China-based high-end residential developer said. Besides the continuing delivery of its existing project at Yanlord Riverside City (Phase 3) in Shanghai, the group also delivered two new projects namely Yunjie Riverside Gardens (Phase 2) in Shanghai and Yanlord Peninsula (Apartment-Phase 2) in Suzhou in the second quarter.

This raised its GFA delivered in the second quarter by 7.3 per cent to 132,638 sq m. Average selling price held steady at 23,156 yuan per sq m, compared to 23,152 yuan per sq m in the Q2 last year.

On a fully diluted basis, the group's Q2 earnings per share was 4.76 cents, compared to 4.69 cents for the same quarter last year.

Riding on improved GFA delivered, Yanlord's revenue grew in terms of Chinese yuan but the strengthening Sing dollar against the yuan resulted in its revenue dipping one per cent from a year ago to $795.2 million.

Yanlord chairman and CEO Zhong Sheng Jian noted that demand for high quality residential developments in China continues to drive the group's revenue performance.

He said the group will continue to focus on developing quality residential apartments in prime locations within high growth Chinese cities.

In the second half, Yanlord will launch a new batch of its existing projects, namely Yanlord G53 Apartment in Nanjing, Yanlord Townhouse in Shanghai and Yanlord New City Gardens (Phase 2) in Zhuhai. It will also commence the construction of Yanlord Sunland Gardens (Phase 1) in Shanghai and Yanlord Yangtze Riverbay Town (Phase 3) in Nanjing.

As at June 30, the group had total pre-contracted sales of about $1.13 billion which will be progressively recognised as revenue in subsequent financial periods. Its cash and cash balances grew to $1.43 billion as at June 30 from $1.27 billion a year ago, boosted by the issue of US$300 million senior notes in April.

Prior to the release of its Q2 results, Yanlord's shares slipped 1.64 per cent lower to $1.80 by market close.

[LenaHuat]

I am waiting for a right entry price for this ticker, probably when the Chinese govt has introduced capital gains tax :-

Yanlord, a Singapore-listed Chinese developer, said on Thursday it had bought a prime residential site in Shanghai's Pudong area for 2.89 billion yuan (US$432 million).
The site can yield a gross floor area of 179,944 square metres of residences. -- REUTERS

[winston]

Not vested

Yanlord said it had sold 80% of the 167 apartment units during the inaugural launch of Shanghai Townhouse.

Total contracted pre-sales for the first two days amounted to RMB1.8 billion.