Yuzhou Properties Co. buys seven projects for $591m

Yuzhou Properties Co. has entered into a sale and purchase agreement with Coastal Greenland to acquire seven mainland projects for $591 million.

The projects totals 33.69 million square feet.

The acquisition includes three premium land parcels, namely Tianjin Beichen Project, Shenyang Sujiatun Project and Beijing Beishi Project as well as four projects in sale, namely Wuhan Lingjiao Lake Project, Sai Luo Cheng Project, Shenyang Coastal International Center Project and Foshan Coastal Xinting Project. All projects are located in the first and core second tier cities, commanding superior geographical locations and great potential for further development.

After this acquisition, Yuzhou Properties initiated its footprint into cities of Beijing, Foshan and Shenyang and it acquired superior land parcels and projects in Tianjin, Wuhan and Shenyang. It further solidified Yuzhou Properties' in-depth development in five metropolitan regions including Beijing-Tianjin-Hebei, Guangdong-Hong Kong-Macau Big Bay Area and Central China and initiative expansion into the core area of Northeast China.

Yuzhou has also sped up in-depth nationwide layout coverage, aiming for a cross-regional development. Meanwhile, the acquisition also includes several highly demanded investment properties such as office buildings, hotels and shopping arcades, and three of which are in Beijing, Wuhan and Shenyang's commercial centers. These premium investment properties will provide Yuzhou Properties with a recurring cash, diversified resources of revenue and an affluent congregation of products.