YANLORD LAND GROUP LIMITED
(Incorporated with limited liability in the Republic of Singapore)
(Registration Number: 200601911K)
SALE OF PROPERTY PROJECT
In accordance with Rule 910 of the Listing Manual of the Singapore Exchange Securities Trading Limited, Yanlord Land Group Limited ("Company" and together with its subsidiaries, "Group") wishes to announce the sale of property project in Nanjing ("Transaction"), details of which are set out below:-
No. | Name of Seller | Name of Interested Person/Relative | Details of Property Project | Consideration of the Property Project (RMB) | Special Discount |
1 | Nanjing Yanlord Commercial Management Co., Ltd., a subsidiary of the Group | Ms Zhong Si Nuo, daughter of Mr Zhong Sheng Jian, the Chairman and Chief Executive Officer of the Company, and sister of Mr Zhong Ming, the Executive Director of the Company | Yanlord Yangtze Riverbay Town - Land Parcel 5 1st - 2nd floor: 9,785.26 square meter ("sqm") @ RMB15,362.4 per sqm Underground: 19,189.58 sqm @RMB1,821.5 per sqm Total: 28,974.84 sqm | 185,279,500 | Nil |
The consideration for the Transaction was determined taking into consideration the fair market value of the property project derived from the valuation performed by an independent valuer and other terms of the Transaction are the same as those offered to unrelated purchasers.
The Audit Committee and the Board of Directors ("Board") have reviewed and approved the Transaction, and are satisfied that the terms of the Transaction are fair and reasonable and are not prejudicial to the interests of the Company and its minority shareholders.
Mr Zhong Sheng Jian and Mr Zhong Ming have abstained from voting on the Board's review and approval of the Transaction.
Submitted by:
Zhong Sheng Jian
Chairman and Chief Executive Officer
14 May 2018
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Yanlord Land Group Limited published this content on 14 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 May 2018 12:27:05 UTC