YANLORD LAND GROUP LIMITED
(Incorporated with limited liability in the Republic of Singapore)
(Registration Number: 200601911K)
SALES OF CAR PARK LOT AND PROPERTY UNIT
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 sales of a car park lot and a property unit in Shanghai ("Transactions"), details of which are set out below:-
No. | Name of Seller | Name of Interested Person/Relative | Name of Project and Unit Number | Consideration (RMB) | Special Discount |
1 | Shanghai Renpin Property Development Co., Ltd.1, a subsidiary of the Group | Ms Ho Su Ann, sister-in-law of Mr Zhong Siliang, director of the Company | Shanghai Yanlord on the Park, Car park Nong 88, No. B362 | 460,000 | Nil |
2 | Shanghai Renpin Property Development Co., Ltd.1, a subsidiary of the Group | Ms Zhong Sixia, niece of Mr Zhong Sheng Jian, director and controlling shareholder of the Company. Ms Zhong Sixia is employed as the Deputy Director of Yanlord Land Investment Management (Shanghai) Co., Ltd.2, a wholly-owned subsidiary of the Group. | Shanghai Yanlord on the Park, Nong 88, Block 6, Room 801 | 16,033,744 | 5% |
The consideration for Transaction no. 1 was computed based on the market price of the project offered to the general public at the inaugural launch of the project in Shanghai. The consideration for Transaction no. 2 was computed based on the market price of the said property unit after deducting a 5% discount granted in accordance with an existing employee scheme whereby employees within the Group and their immediate family are entitled to a discount of up to 5% off the market price for property purchase. Other terms of the Transactions are the same as those offered to unrelated purchasers of the said project.
1 An unofficial English translation name of 上海仁品房地产开发有限公司.
2 An unofficial English translation name of 仁恒置地投资管理(上海)有限公司.
The Audit Committee and the Board of Directors ("Board") have reviewed and approved the Transactions, and are satisfied that the terms of the Transactions 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 Siliang have abstained from voting on the Board's review and approval of the respective Transactions which they are interested in.
Submitted by:
Zhong Sheng Jian
Chairman and Chief Executive Officer
16 January 2019
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Yanlord Land Group Limited published this content on 16 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 January 2019 11:28:03 UTC