SINGAPORE (July 9): Yanlord Land Group announced that its wholly-owned subsidiary, Hangzhou Renyuan Property Development, has acquired a prime residential development site in Hangzhou, China for about RMB 2.94 billion ($600.5 million).

The site has a gross floor area (GFA) of 154,500 sqm and was acquired through a public land auction.

Located within the Zhijiang 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.

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