Chinese developer Yuzhou buys 7 projects in major cities for $591m

A worker pulls a cart under the Liede Bridge over the Pearl River in Guangzhou, China, on Wednesday, Nov. 1, 2017. Photographer: Qilai Shen/Bloomberg

Chinese developer Yuzhou Properties said on Monday it would buy seven projects from Coastal Greenland for 3.8 billion yuan ($591 million).

The Xiamen-based developer said the projects were spread across various major cities, and the purchase would allow it to enter Beijing, the southern city of Foshan and the northeast city of Shenyang for the first time.

“(The deal) offers an excellent opportunity for the Group to diversify its property portfolio and enter into a variety of markets in the PRC,” Yuzhou said in a statement, adding it could enhance its earning capacity.

Yuzhou shares will resume trading on Tuesday, after being suspended from trading on Monday, pending the announcement.

The projects have a total gross floor area of 3.13 million square meters and saleable resources worth 40 billion yuan, according to a press release.

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Reuters