China-based real estate developer Yanlord Land Group is buying half of Shanghai Renpin Property Development Co. for approximately $261.38 million, TODAYonline reports. The deal follows Yanlord's move to create a joint venture with Shanghai Youyou Group Co., which owns all of Shanghai Renpin.

Yanlord will pay for the 50 percent stake in five tranches by the end of July 2012. Yanlord is listed on the Singapore stock exchange.

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