Yanlord Land Group along with Ho Bee Investment and Shanghai Youyou (Group) Co. have bought two adjacent residential development sites in the Chinese city of Zhuhai, Reuters reports. The partners have paid a total of $471.4 million for the acquisition.

The buyers paid $ 942.95 per square meter for the sites that have a total gross floor area of 499,329 square meters. Yanlord, a Singapore-listed Chinese developer, will hold 60 percent of the joint venture and the balance will be equally divided between Ho Bee and Shanghai Youyou, adds TODAYonline.

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