Developer Yanlord Land Group, which has most of its projects in China, is teaming up with sovereign wealth fund GIC to co-invest in residential projects in China.

Under this so-called cooperation programme, which is held in a 51:49 split between Yanlord and GIC, the two parties will invest up to RMB7 billion ($1.38 billion) over a seven-year period. They have the option to extend the programme by another two years.

This isn’t the first time Yanlord and GIC are joining hands. Since 2006, the two parties have co-operated to invest in Nanjing and other key cities in China. 

“The cooperation programme will further strengthen our presence in the PRC and create value to the shareholders,” says Yanlord’s chairman and CEO Zhong Sheng Jian. 

On July 6, the company reported a 65% increase in total contracted pre-sales to RMB29.77 billion for 1H20 ended June, compared to RMB18.04 billion in 1H19.

Yanlord shares closed at $1.22 on Aug 4, up 0.83%.