Yanlord Land Group and Ho Bee Land Limited have, on June 28, entered into a co-operation agreement where both groups will jointly develop a residential site located in Hongqiao District in Tianjin, China.

The land parcel has a total site area of 53,200 sqm located at XiangDongNan Road and was acquired by Yanlord through a public land auction for a total consideration of RMB1.5 billion ($311.4 million).

Through the agreement, Yanlord will hold 51% in the joint development, while the remaining 49% will be held by Ho Bee Land.

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