Yeland acquires land in Tianjin

Nov. 4, 2009 (China Knowledge) - A Beijing subsidiary of real estate developer Yeland Group Co Ltd<000616> on Oct. 30 won the bids for two plots in Hongqiao District, Tianjin for RMB 1.46 billion in total, sources reported.

One plot covers a land area of 45,000 square meters and will have a floor area ratio of 2.5, and the other, a 48,000-sq m plot, will have a floor area ratio of 4.

Tomorrow, the Shenzhen-listed firm will begin issuing up to RMB 900 million in five-year corporate bonds. RMB 870 million worth of bonds will be issued online.

Pengyuan Credit Rating Co Ltd has rated the issuer and bonds AA- and AA-, respectively.

Reportedly, Yeland Group's net profit for the third quarter of this year was RMB 59.89 million, up 9.89% year on year, and its operating revenue surged 90.52%, hitting RMB 379.61 million.

In the first three quarters, the company's net profit was RMB 152.53 million, up 12.77% year on year, and its operating revenue was RMB 1.23 billion, more than twice its operating revenue for last year.