Moody’s: Yanlord unaffected by acquisition

Moody's Investors Service said Yanlord Land Group Ltd.’s acquisition of a development site in Nanjing has no immediate impact on its Ba3 corporate family rating, senior unsecured ratings or positive outlook.

On Dec. 27, Yanlord announced that it acquired an integrated development site in Sino-Singapore Nanjing Eco Hi-Tech Island for RMB 7.84 billion.

The site with a total gross floor area (GFA) of about 541,000 square meters (sqm) will be used for residential development (268,000 sqm GFA) and for commercial, hotel, office and tourism space (273,000 sqm GFA).

"Yanlord's large cash position and strong credit metrics can absorb the financial impact from the sizable land acquisition in Nanjing," Anthony Lee, Moody's analyst and the lead analyst for Yanlord, said in a news release.

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