Rating HOLD (as at 3 March 2021)
Last Close SGD 1.18
Fair Value SGD 1.20

Challenging industry outlook to weigh
• Contracted sales for Jun dipped 61.5% YoY to RMB4.2b
• Seeking more JV partnerships on projects
• Lower FV to SGD1.20

Investment thesis
Yanlord Land Group is a high-quality Chinese developer with strong exposure to key economic regions in PRC such as the Yangtze River Delta, Bohai Rim and Greater Bay Area. Key management’s interests are also aligned with minority shareholders, as Yanlord’s founder, Chairman and CEO Mr. Zhong Sheng Jian owns ~70% of Yanlord’s total shares outstanding. However, Yanlord’s gross margin and contracted sales are expected to register a decline in 2021.