SINGAPORE (Mar 15): Yanlord Land Group's subsidiary, Hainan Yanlord Luqiao Investment, has acquired a 100% stake in Hainan Jinzhong Industrial Development for RMB32 million ($6.6 million).

The consideration comprises a cash consideration of RMB10 million and a capital injection of RMB22 million.

The net tangible asset value of Jinzhong Industrial based on the latest management accounts was approximately RMB3 million.

The acquisition is not expected to have any material impact on the net tangible assets or earnings per share of the group for the financial year ending Dec 31, 2018.

Shares in Yanlord closed at $1.76 on Thursday.